Sable Offshore (NYSE:SOC) Reaches New 1-Year High – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s share price hit a new 52-week high on Wednesday . The company traded as high as $29.75 and last traded at $29.57, with a volume of 1014240 shares traded. The stock had previously closed at $26.18.

Analyst Ratings Changes

Several research firms have recently issued reports on SOC. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They set an “outperform” rating on the stock. Johnson Rice assumed coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target on the stock. Benchmark restated a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a research report on Monday, October 7th. Finally, BWS Financial reaffirmed a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Stock Performance

The stock’s 50 day moving average is $22.69 and its two-hundred day moving average is $20.54. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently made changes to their positions in SOC. State Street Corp raised its stake in Sable Offshore by 74.3% in the 3rd 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. Himalaya Capital Management LLC purchased a new stake in shares of Sable Offshore during the third quarter worth $31,735,000. Geode Capital Management LLC raised its position in shares of Sable Offshore by 2.6% in the third quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company’s stock valued at $24,844,000 after buying an additional 26,934 shares during the last quarter. GM Advisory Group LLC lifted its stake in shares of Sable Offshore by 370.3% in the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after buying an additional 401,559 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Sable Offshore by 6.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company’s stock worth $9,111,000 after acquiring an additional 21,794 shares during the last quarter. 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.