Sable Offshore (NYSE:SOC) Earns Outperform Rating from Analysts at Pickering Energy Partners

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

Other analysts also recently issued research reports about the company. Jefferies Financial Group lifted their target price on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. BWS Financial reaffirmed 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 set a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. Finally, Johnson Rice started coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Sable Offshore currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Stock Performance

Shares of NYSE:SOC opened at $22.26 on Tuesday. The firm’s 50 day moving average is $21.61 and its two-hundred day moving average is $19.05. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. Sable Offshore has a 52 week low of $10.11 and a 52 week high of $28.67.

Institutional Investors Weigh In On Sable Offshore

A number of institutional investors and hedge funds have recently bought and sold shares of the business. GM Advisory Group LLC raised its holdings in shares of Sable Offshore by 370.3% in the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after purchasing an additional 401,559 shares in the last quarter. Corsair Capital Management L.P. bought a new position in shares of Sable Offshore in the third quarter valued at $591,000. Sentry Investment Management LLC acquired a new stake in shares of Sable Offshore during the 3rd quarter valued at $575,000. Pekin Hardy Strauss Inc. bought a new stake in shares of Sable Offshore during the 3rd quarter worth $659,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Sable Offshore in the 2nd quarter worth $2,154,000. 26.19% of the stock is owned by institutional investors and hedge funds.

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.