Sable Offshore (NYSE:SOC) Coverage Initiated at Pickering Energy Partners

Stock analysts at Pickering Energy Partners started coverage on shares of Sable Offshore (NYSE:SOC) in a research note issued on Tuesday, Marketbeat.com reports. The brokerage set an “outperform” rating on the stock.

A number of other equities analysts have also recently commented on the company. BWS Financial reissued a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. Johnson Rice started coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 target price on the stock. Jefferies Financial Group raised their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, Benchmark reiterated a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Trading Down 7.9 %

SOC stock opened at $19.64 on Tuesday. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. Sable Offshore has a 52 week low of $10.11 and a 52 week high of $28.67. The business has a 50-day simple moving average of $21.56 and a 200 day simple moving average of $19.02.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently modified their holdings of SOC. Virtu Financial LLC acquired a new stake in Sable Offshore in the 3rd quarter valued at $521,000. Geode Capital Management LLC lifted its stake in Sable Offshore by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company’s stock valued at $24,844,000 after acquiring an additional 26,934 shares in the last quarter. Barclays PLC boosted its holdings in Sable Offshore by 342.9% during the 3rd quarter. Barclays PLC now owns 77,583 shares of the company’s stock worth $1,832,000 after acquiring an additional 60,065 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Sable Offshore in the 3rd quarter worth $406,000. Finally, State Street Corp raised its holdings in shares of Sable Offshore by 74.3% in the third quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after purchasing an additional 677,426 shares during the last quarter. 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.