Johnson Rice Begins Coverage on Sable Offshore (NYSE:SOC)

Equities research analysts at Johnson Rice initiated coverage on shares of Sable Offshore (NYSE:SOC) in a research note issued on Tuesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $30.00 price target on the stock. Johnson Rice’s target price would suggest a potential upside of 24.58% from the stock’s current price.

SOC has been the topic of a number of other reports. Jefferies Financial Group lifted their price objective on shares of 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 initiated coverage on Sable Offshore in a research note on Tuesday, October 8th. They set a “sell” rating and a $6.00 target price for the company. Finally, Benchmark restated a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Sable Offshore currently has an average rating of “Moderate Buy” and an average target price of $25.00.

Sable Offshore Stock Performance

Sable Offshore stock opened at $24.08 on Tuesday. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73. The stock’s fifty day moving average price is $21.95 and its two-hundred day moving average price is $16.96. Sable Offshore has a one year low of $10.11 and a one year high of $28.67.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($2.36). Analysts anticipate that Sable Offshore will post -3.95 EPS for the current year.

Insider Activity

In other news, major shareholder Global Icav Pilgrim purchased 41,000 shares of the company’s stock in a transaction dated Tuesday, August 27th. The stock was bought at an average cost of $15.45 per share, for a total transaction of $633,450.00. Following the purchase, the insider now owns 8,041,001 shares of the company’s stock, valued at approximately $124,233,465.45. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 14.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Amalgamated Bank bought a new position in shares of Sable Offshore in the 2nd quarter valued at $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Sable Offshore during the 2nd quarter worth $86,000. US Bancorp DE raised its position in Sable Offshore by 340.4% during the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after purchasing an additional 3,758 shares during the last quarter. Covestor Ltd bought a new position in Sable Offshore during the 3rd quarter worth $130,000. Finally, Spartan Fund Management Inc. bought a new position in Sable Offshore during the 2nd quarter worth $162,000. 26.19% of the stock is currently owned by 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.