Sable Offshore (NYSE:SOC) Sees Unusually-High Trading Volume – Should You Buy?

Sable Offshore Corp. (NYSE:SOC) shares saw unusually-high trading volume on Thursday . Approximately 850,220 shares were traded during mid-day trading, an increase of 35% from the previous session’s volume of 630,537 shares.The stock last traded at $23.36 and had previously closed at $19.64.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. BWS Financial reissued a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Wednesday, November 27th. Jefferies Financial Group raised their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. 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. Pickering Energy Partners started coverage on Sable Offshore in a report on Tuesday. They issued an “outperform” rating for the company. Finally, Benchmark reissued a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $25.00.

Sable Offshore Stock Up 0.0 %

The firm has a 50-day moving average of $21.65 and a two-hundred day moving average of $19.10. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Hedge Funds Weigh In On Sable Offshore

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