Roth Mkm Begins Coverage on Sable Offshore (NYSE:SOC)

Roth Mkm assumed coverage on shares of Sable Offshore (NYSE:SOC) in a research report issued on Thursday,Benzinga reports. The firm set a “buy” rating and a $30.00 price target on the stock. Roth Mkm’s price target would suggest a potential upside of 14.43% from the company’s previous close.

Several other research firms have also issued reports on SOC. Benchmark restated a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Pickering Energy Partners began coverage on Sable Offshore in a research note on Tuesday, December 17th. They set an “outperform” rating on the stock. Finally, BWS Financial reiterated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $27.00.

Sable Offshore Price Performance

Shares of SOC stock opened at $26.22 on Thursday. The stock has a 50 day moving average of $26.07 and a 200-day moving average of $23.67. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. Sable Offshore has a 12 month low of $10.11 and a 12 month high of $32.33.

Institutional Trading of Sable Offshore

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Summit Securities Group LLC bought a new stake in shares of Sable Offshore in the 4th quarter valued at approximately $53,000. IFP Advisors Inc acquired a new position in Sable Offshore during the fourth quarter worth $81,000. ORG Wealth Partners LLC bought a new position in shares of Sable Offshore during the fourth quarter valued at $106,000. Salem Investment Counselors Inc. increased its position 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 worth $114,000 after purchasing an additional 2,250 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in Sable Offshore during the 4th quarter valued at about $144,000. 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.