Sable Offshore (NYSE:SOC) Coverage Initiated at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Sable Offshore (NYSE:SOC) in a research note released on Tuesday, Marketbeat.com reports. The brokerage issued a buy rating and a $19.00 price objective on the stock.

Separately, Benchmark restated a buy rating and set a $24.00 price objective on shares of Sable Offshore in a research note on Wednesday, July 24th.

Sable Offshore Stock Performance

Sable Offshore stock opened at $14.60 on Tuesday. The business’s fifty day moving average is $15.31. Sable Offshore has a one year low of $10.11 and a one year high of $17.30. The company has a debt-to-equity ratio of 2.91, a quick ratio of 2.60 and a current ratio of 2.80.

Insider Activity

In other Sable Offshore news, CEO James C. Flores purchased 100,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were bought at an average price of $13.74 per share, for a total transaction of $1,374,000.00. Following the purchase, the chief executive officer now owns 2,625,000 shares in the company, valued at approximately $36,067,500. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Sable Offshore news, CEO James C. Flores purchased 100,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were bought at an average price of $13.74 per share, for a total transaction of $1,374,000.00. Following the purchase, the chief executive officer now owns 2,625,000 shares in the company, valued at approximately $36,067,500. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gregory Phillip Pipkin sold 82,238 shares of Sable Offshore stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $14.66, for a total value of $1,205,609.08. Following the completion of the transaction, the director now owns 85,540 shares in the company, valued at approximately $1,254,016.40. The disclosure for this sale can be found here. Corporate insiders own 14.30% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds have recently modified their holdings of SOC. Fayez Sarofim & Co acquired a new stake in shares of Sable Offshore during the 1st quarter valued at $32,880,000. Bank of New York Mellon Corp acquired a new position in Sable Offshore during the 2nd quarter worth about $2,154,000. GM Advisory Group LLC acquired a new position in Sable Offshore during the 2nd quarter worth about $1,634,000. Rhumbline Advisers acquired a new position in Sable Offshore during the 2nd quarter worth about $862,000. Finally, Clarus Group Inc. acquired a new position in Sable Offshore during the 1st quarter worth about $325,000. Institutional investors and hedge funds 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.