Benchmark Reiterates “Buy” Rating for Sable Offshore (NYSE:SOC)

Sable Offshore (NYSE:SOC)‘s stock had its “buy” rating restated by equities researchers at Benchmark in a report issued on Thursday,Benzinga reports. They presently have a $37.00 price objective on the stock. Benchmark’s target price points to a potential upside of 23.92% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the stock. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They set an “outperform” rating for the company. BWS Financial reissued a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research report on Wednesday, November 27th. Finally, Johnson Rice started coverage on Sable Offshore in a research report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price target for the company. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.00.

Sable Offshore Trading Down 2.5 %

NYSE SOC opened at $29.86 on Thursday. 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 $32.33. The stock’s 50-day moving average price is $24.44 and its 200-day moving average price is $21.99.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds have recently modified their holdings of SOC. Invesco Ltd. increased its position in shares of Sable Offshore by 2.7% during the fourth quarter. Invesco Ltd. now owns 26,030 shares of the company’s stock valued at $596,000 after acquiring an additional 679 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position 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 worth $658,000 after purchasing an additional 1,000 shares during the period. MetLife Investment Management LLC raised its position in Sable Offshore by 5.5% in the fourth quarter. MetLife Investment Management LLC now owns 31,240 shares of the company’s stock valued at $715,000 after purchasing an additional 1,634 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Sable Offshore by 31.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock valued at $179,000 after buying an additional 1,830 shares in the last quarter. Finally, Salem Investment Counselors Inc. grew its position in Sable Offshore by 81.8% in 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 in the last quarter. 26.19% of the stock is currently owned by hedge funds and other 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.