Benchmark Reaffirms Buy Rating for Sable Offshore (NYSE:SOC)

Sable Offshore (NYSE:SOC)‘s stock had its “buy” rating reaffirmed by investment analysts at Benchmark in a report issued on Monday, Benzinga reports. They currently have a $37.00 target price on the stock. Benchmark’s price objective suggests a potential upside of 78.06% from the stock’s previous close.

Separately, Jefferies Financial Group upped their price objective on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th.

Sable Offshore Stock Performance

SOC stock opened at $20.78 on Monday. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $28.67. The company’s 50-day moving average is $19.52 and its 200-day moving average is $15.53. 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 (NYSE:SOC) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($2.36). Equities analysts anticipate that Sable Offshore will post -2.82 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were purchased at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the acquisition, the insider now directly owns 8,791,001 shares of the company’s stock, valued at $175,820,020. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SOC. Amalgamated Bank bought a new stake in shares of Sable Offshore during the 2nd quarter worth $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Sable Offshore in the second quarter valued at about $86,000. Spartan Fund Management Inc. bought a new position in shares of Sable Offshore during the 2nd quarter valued at approximately $162,000. SG Americas Securities LLC purchased a new stake in shares of Sable Offshore during the 3rd quarter worth approximately $412,000. Finally, Walleye Trading LLC bought a new stake in shares of Sable Offshore in the 1st quarter worth approximately $235,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.