Sable Offshore (NYSE:SOC) Shares Up 5.8% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) was up 5.8% during trading on Wednesday . The stock traded as high as $24.57 and last traded at $24.39. Approximately 285,645 shares changed hands during trading, a decline of 80% from the average daily volume of 1,451,313 shares. The stock had previously closed at $23.05.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SOC shares. Benchmark reaffirmed a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a report on Thursday, February 20th. BWS Financial reaffirmed a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a report on Wednesday, November 27th. Finally, Pickering Energy Partners started coverage on Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.25.

Sable Offshore Trading Up 4.3 %

The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The firm has a 50-day simple moving average of $25.64 and a two-hundred day simple moving average of $23.19.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Invesco Ltd. increased its position in Sable Offshore by 2.7% in the 4th quarter. Invesco Ltd. now owns 26,030 shares of the company’s stock worth $596,000 after purchasing an additional 679 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Sable Offshore by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company’s stock valued at $658,000 after acquiring an additional 1,000 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of Sable Offshore by 5.5% during the 4th quarter. MetLife Investment Management LLC now owns 31,240 shares of the company’s stock valued at $715,000 after acquiring an additional 1,634 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Sable Offshore by 31.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock valued at $179,000 after acquiring an additional 1,830 shares during the last quarter. Finally, Salem Investment Counselors Inc. increased its holdings in shares of Sable Offshore by 81.8% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock valued at $114,000 after acquiring an additional 2,250 shares during the last quarter. 26.19% of the stock is 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.