Benchmark Increases Sable Offshore (NYSE:SOC) Price Target to $37.00

Sable Offshore (NYSE:SOC) had its target price raised by Benchmark from $24.00 to $37.00 in a research note published on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, Jefferies Financial Group increased their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a buy rating in a research note on Wednesday, September 4th.

Sable Offshore Trading Up 2.3 %

Shares of SOC opened at $24.11 on Tuesday. The company has a debt-to-equity ratio of 6.48, a current ratio of 2.73 and a quick ratio of 2.46. Sable Offshore has a 12-month low of $10.11 and a 12-month high of $28.67. The firm has a 50-day moving average price of $18.49 and a 200 day moving average price of $14.87.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). On average, sell-side analysts expect that Sable Offshore will post -2.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Global Icav Pilgrim bought 41,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was bought at an average price of $15.45 per share, with a total value of $633,450.00. Following the completion of the purchase, the insider now directly owns 8,041,001 shares in the company, valued at approximately $124,233,465.45. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SOC. Fayez Sarofim & Co purchased a new position in shares of Sable Offshore in the first quarter valued at approximately $32,880,000. Walleye Trading LLC purchased a new position in shares of Sable Offshore in the first quarter valued at approximately $235,000. Bank of New York Mellon Corp purchased a new position in shares of Sable Offshore in the second quarter valued at approximately $2,154,000. Emfo LLC purchased a new position in shares of Sable Offshore in the second quarter valued at approximately $371,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Sable Offshore in the second quarter valued at approximately $86,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

About Sable Offshore

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.