Sable Offshore (NYSE:SOC) Reaches New 1-Year High – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $31.56 and last traded at $30.60, with a volume of 6778707 shares traded. The stock had previously closed at $24.47.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SOC shares. Pickering Energy Partners started coverage on Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating for the company. BWS Financial restated a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a report on Wednesday, November 27th. Finally, Johnson Rice started coverage on Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective 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 an average price target of $25.00.

Sable Offshore Price 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 business’s 50-day moving average price is $23.39 and its two-hundred day moving average price is $21.48.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently made changes to their positions in SOC. Bridgewater Associates LP acquired a new position in Sable Offshore during the fourth quarter valued at approximately $4,693,000. XTX Topco Ltd raised its position in Sable Offshore by 101.0% during the fourth quarter. XTX Topco Ltd now owns 34,505 shares of the company’s stock valued at $790,000 after purchasing an additional 17,337 shares in the last quarter. Mariner LLC raised its position in Sable Offshore by 232.1% during the fourth quarter. Mariner LLC now owns 39,496 shares of the company’s stock valued at $904,000 after purchasing an additional 27,604 shares in the last quarter. Barclays PLC raised its position in Sable Offshore by 11.9% during the fourth quarter. Barclays PLC now owns 86,835 shares of the company’s stock valued at $1,988,000 after purchasing an additional 9,252 shares in the last quarter. Finally, Townsquare Capital LLC acquired a new position in Sable Offshore during the fourth quarter valued at approximately $231,000. 26.19% of the stock is currently 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.