Sable Offshore (NYSE:SOC) Sees Strong Trading Volume – What’s Next?

Sable Offshore Corp. (NYSE:SOC) saw strong trading volume on Thursday . 850,220 shares traded hands during mid-day trading, an increase of 35% from the previous session’s volume of 630,537 shares.The stock last traded at $23.36 and had previously closed at $19.64.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. BWS Financial restated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research report on Wednesday, November 27th. Pickering Energy Partners assumed coverage on Sable Offshore in a research report on Tuesday. They issued an “outperform” rating on the stock. Jefferies Financial Group lifted their target price on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Johnson Rice began coverage on Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target for the company. Finally, Benchmark restated a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat, Sable Offshore currently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Trading Up 18.2 %

The stock has a 50-day simple moving average of $21.57 and a 200 day simple moving average of $19.03. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SOC. Himalaya Capital Management LLC purchased a new position in shares of Sable Offshore during the third quarter valued at approximately $31,735,000. State Street Corp boosted its holdings in shares of Sable Offshore by 74.3% during the third quarter. State Street Corp now owns 1,589,395 shares of the company’s stock worth $37,557,000 after purchasing an additional 677,426 shares during the last quarter. GM Advisory Group LLC grew its position in shares of Sable Offshore by 370.3% in the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock valued at $12,051,000 after purchasing an additional 401,559 shares during the period. Bank of New York Mellon Corp acquired a new position in Sable Offshore in the second quarter valued at $2,154,000. Finally, Barclays PLC lifted its position in Sable Offshore by 342.9% during the third quarter. Barclays PLC now owns 77,583 shares of the company’s stock worth $1,832,000 after buying an additional 60,065 shares during the period. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Company Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.