Sable Offshore (NYSE:SOC) Shares Up 2.6% – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s share price shot up 2.6% during trading on Friday . The stock traded as high as $24.53 and last traded at $24.40. 327,690 shares were traded during trading, a decline of 50% from the average session volume of 660,930 shares. The stock had previously closed at $23.79.

Analysts Set New Price Targets

A number of brokerages have issued reports on SOC. Jefferies Financial Group lifted their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Benchmark reaffirmed a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a report on Monday, October 7th. Johnson Rice assumed coverage on Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price on the stock. Pickering Energy Partners began coverage on Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating for the company. Finally, BWS Financial restated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Trading Up 1.1 %

The company’s fifty day moving average is $21.88 and its two-hundred day moving average is $19.33. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank bought a new stake in shares of Sable Offshore in the 2nd quarter valued at about $26,000. US Bancorp DE grew its stake in shares of Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after acquiring an additional 3,758 shares in the last quarter. Covestor Ltd bought a new position in Sable Offshore during the third quarter worth about $130,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Sable Offshore in the 2nd quarter worth about $86,000. Finally, Intech Investment Management LLC bought a new stake in Sable Offshore in the 3rd quarter valued at about $245,000. 26.19% of the stock is owned by 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.