Sable Offshore’s (SOC) “Buy” Rating Reaffirmed at Benchmark

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

A number of other equities analysts have also issued reports on SOC. Johnson Rice initiated coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 target price on the stock. BWS Financial restated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, 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. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat, Sable Offshore presently has a consensus rating of “Moderate Buy” and an average target price of $25.00.

Sable Offshore Price Performance

Shares of 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 has a 50 day moving average price of $24.44 and a 200 day moving average price of $21.99.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds have recently added to or reduced their stakes in SOC. Summit Securities Group LLC purchased a new position in shares of Sable Offshore during the 4th quarter worth approximately $53,000. IFP Advisors Inc acquired a new stake in shares of Sable Offshore during the fourth quarter valued at $81,000. ORG Wealth Partners LLC purchased a new stake in shares of Sable Offshore during the fourth quarter worth about $106,000. US Bancorp DE lifted its position in Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after buying an additional 3,758 shares during the period. Finally, Salem Investment Counselors Inc. increased its stake in shares of Sable Offshore by 81.8% during 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 during 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.