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

Sable Offshore Corp. (NYSE:SOC) shares 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 trading hands. The stock had previously closed at $31.31.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating for the company. Johnson Rice assumed coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target for the company. Finally, BWS Financial reissued a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat.com, Sable Offshore presently has an average rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Trading Down 2.0 %

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 firm’s 50-day simple moving average is $24.44 and its 200 day simple moving average is $21.99.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently bought and sold shares of SOC. Himalaya Capital Management LLC bought a new stake in Sable Offshore in the third quarter worth about $31,735,000. Encompass Capital Advisors LLC raised its holdings in Sable Offshore by 128.9% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock worth $32,060,000 after buying an additional 788,495 shares during the period. State Street Corp raised its holdings in Sable Offshore by 74.3% during the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company’s stock worth $37,557,000 after buying an additional 677,426 shares during the period. Vanguard Group Inc. raised its holdings in Sable Offshore by 23.6% during the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock worth $79,832,000 after buying an additional 665,407 shares during the period. Finally, GM Advisory Group LLC raised its holdings in Sable Offshore by 370.3% during the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after buying an additional 401,559 shares during the period. 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.