Sable Offshore (NYSE:SOC) Given “Buy” Rating at Benchmark

Benchmark reiterated their buy rating on shares of Sable Offshore (NYSE:SOC) in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a $37.00 target price on the stock.

SOC has been the topic of several other reports. BWS Financial restated a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a research report on Wednesday, November 27th. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating on the stock. Finally, Johnson Rice began coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price target for the company. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat, Sable Offshore presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Price Performance

SOC stock opened at $29.28 on Thursday. The firm has a 50-day moving average of $24.62 and a 200 day moving average of $22.04. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $32.33.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently modified their holdings of the stock. Toronto Dominion Bank bought a new position in Sable Offshore in the 4th quarter worth about $344,000. GF Fund Management CO. LTD. bought a new position in shares of Sable Offshore in the fourth quarter worth approximately $451,000. Two Seas Capital LP purchased a new stake in shares of Sable Offshore during the fourth quarter valued at approximately $3,630,000. Rafferty Asset Management LLC increased its position in shares of Sable Offshore by 377.5% during the fourth quarter. Rafferty Asset Management LLC now owns 119,765 shares of the company’s stock valued at $2,743,000 after acquiring an additional 94,684 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings in Sable Offshore by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 14,211 shares of the company’s stock worth $325,000 after acquiring an additional 4,675 shares during the last quarter. 26.19% of the stock is currently owned by institutional investors.

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.