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

Pickering Energy Partners initiated coverage on shares of Sable Offshore (NYSE:SOC) in a report issued on Tuesday, MarketBeat.com reports. The brokerage set an “outperform” rating on the stock.

Several other equities research analysts have also weighed in on the company. BWS Financial reissued a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a report on Wednesday, November 27th. Benchmark reissued a “buy” rating and issued a $37.00 price target on shares of Sable Offshore in a research report on Monday, October 7th. Jefferies Financial Group lifted their price objective on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Johnson Rice started 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. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.00.

Sable Offshore Trading Down 7.9 %

NYSE:SOC opened at $19.64 on Tuesday. The firm’s 50 day moving average is $21.56 and its 200 day moving average is $19.02. Sable Offshore has a 12 month low of $10.11 and a 12 month high of $28.67. 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

A number of hedge funds and other institutional investors have recently modified their holdings of SOC. Amalgamated Bank bought a new position in shares of Sable Offshore during the 2nd quarter valued at $26,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings 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 worth $179,000 after buying an additional 1,830 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Sable Offshore by 9.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 39,248 shares of the company’s stock worth $927,000 after acquiring an additional 3,531 shares during the last quarter. US Bancorp DE increased its stake in Sable Offshore by 340.4% in the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after purchasing an additional 3,758 shares during the period. Finally, Covestor Ltd bought a new stake in Sable Offshore in the third quarter valued at approximately $130,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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.