Sable Offshore (NYSE:SOC) Reaches New 12-Month High – Still a Buy?

Sable Offshore Corp. (NYSE:SOC)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $32.33 and last traded at $30.68, with a volume of 2355935 shares changing hands. The stock had previously closed at $31.31.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Benchmark reiterated a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research report on Thursday. BWS Financial reaffirmed a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a research note on Wednesday, November 27th. Pickering Energy Partners started coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They set an “outperform” rating on the stock. 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 target price for the company. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Stock Performance

The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The stock has a fifty day moving average of $24.78 and a two-hundred day moving average of $22.13.

Institutional Trading of Sable Offshore

A number of institutional investors have recently modified their holdings of SOC. Allspring Global Investments Holdings LLC acquired a new position in Sable Offshore during the third quarter valued at approximately $406,000. Ballentine Partners LLC acquired a new position in shares of Sable Offshore during the 3rd quarter valued at $313,000. US Bancorp DE lifted its holdings in shares of Sable Offshore by 340.4% during the 3rd 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. Angeles Wealth Management LLC purchased a new stake in Sable Offshore during the 3rd quarter worth $296,000. Finally, Sentry Investment Management LLC acquired a new stake in Sable Offshore in the 3rd quarter valued at $575,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.