Sable Offshore (NYSE:SOC) Now Covered by Analysts at Pickering Energy Partners

Equities researchers at Pickering Energy Partners assumed coverage on shares of Sable Offshore (NYSE:SOC) in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating on the stock.

SOC has been the subject of a number of other research reports. Benchmark reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a report on Monday, October 7th. Jefferies Financial Group lifted their price target on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Johnson Rice initiated coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective on the stock. Finally, BWS Financial restated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Sable Offshore has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Stock Performance

Shares of Sable Offshore stock opened at $21.84 on Tuesday. Sable Offshore has a twelve month low of $10.11 and a twelve month high of $28.67. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The business’s fifty day moving average price is $21.55 and its 200 day moving average price is $18.98.

Insiders Place Their Bets

In related news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were bought at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the transaction, the insider now owns 8,791,001 shares of the company’s stock, valued at $175,820,020. This represents a 9.33 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 14.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Sable Offshore

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Himalaya Capital Management LLC purchased a new position in Sable Offshore in the 3rd quarter worth about $31,735,000. State Street Corp raised its holdings in shares of Sable Offshore by 74.3% during the third quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after acquiring an additional 677,426 shares during the period. GM Advisory Group LLC boosted its stake in Sable Offshore by 370.3% in the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after purchasing an additional 401,559 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Sable Offshore during the second quarter valued at $2,154,000. Finally, Barclays PLC grew its stake in Sable Offshore by 342.9% during the 3rd quarter. Barclays PLC now owns 77,583 shares of the company’s stock valued at $1,832,000 after acquiring an additional 60,065 shares in the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

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.