Jefferies Financial Group Raises Sable Offshore (NYSE:SOC) Price Target to $32.00

Sable Offshore (NYSE:SOC) had its price objective upped by Jefferies Financial Group from $19.00 to $32.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

Separately, Benchmark reissued a buy rating and issued a $24.00 price target on shares of Sable Offshore in a report on Wednesday, July 24th.

Sable Offshore Trading Up 1.0 %

SOC stock opened at $21.82 on Wednesday. The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $24.36. The stock has a 50-day simple moving average of $16.14 and a 200-day simple moving average of $13.68.

Sable Offshore (NYSE:SOC) last posted its earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). Sell-side analysts forecast that Sable Offshore will post -2.82 EPS for the current year.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 41,000 shares of Sable Offshore stock in a transaction that occurred on Tuesday, August 27th. The stock was purchased at an average price of $15.45 per share, with a total value of $633,450.00. Following the completion of the acquisition, the insider now owns 8,041,001 shares of the company’s stock, valued at approximately $124,233,465.45. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 14.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SOC. Fayez Sarofim & Co bought a new position in Sable Offshore during the 1st quarter worth approximately $32,880,000. Bank of New York Mellon Corp bought a new position in Sable Offshore during the 2nd quarter worth approximately $2,154,000. GM Advisory Group LLC bought a new position in Sable Offshore during the 2nd quarter worth approximately $1,634,000. Rhumbline Advisers bought a new position in Sable Offshore during the 2nd quarter worth approximately $862,000. Finally, Emfo LLC bought a new position in Sable Offshore during the 2nd quarter worth approximately $371,000. 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.