Sable Offshore (NYSE:SOC) Shares Up 4.9% – Time to Buy?

Sable Offshore Corp. (NYSE:SOC) shares rose 4.9% during mid-day trading on Tuesday . The stock traded as high as $20.40 and last traded at $20.27. Approximately 733,638 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 1,063,265 shares. The stock had previously closed at $19.32.

Analysts Set New Price Targets

SOC has been the subject of several recent analyst reports. Pickering Energy Partners began coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating for the company. BWS Financial reiterated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, March 18th. Roth Capital set a $30.00 price target on Sable Offshore in a research report on Thursday, March 27th. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a report on Tuesday, March 18th. Finally, Roth Mkm began coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price target on the stock. One analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong 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 $27.50.

Sable Offshore Trading Up 1.9 %

The stock has a fifty day moving average price of $24.69 and a two-hundred day moving average price of $23.40. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Summit Securities Group LLC acquired a new stake in Sable Offshore in the fourth quarter worth about $53,000. IFP Advisors Inc acquired a new position in shares of Sable Offshore during the fourth quarter valued at approximately $81,000. ORG Wealth Partners LLC bought a new stake in Sable Offshore during the fourth quarter worth approximately $106,000. Salem Investment Counselors Inc. lifted its position in Sable Offshore by 81.8% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after purchasing an additional 2,250 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Sable Offshore during the 4th quarter valued at $144,000. 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.