Sable Offshore’s (SOC) “Buy” Rating Reaffirmed at Benchmark

Sable Offshore (NYSE:SOC)‘s stock had its “buy” rating reiterated by research analysts at Benchmark in a note issued to investors on Friday,Benzinga reports. They currently have a $20.00 target price on the stock. Benchmark’s price target indicates a potential upside of 93.99% from the company’s current price.

SOC has been the subject of a number of other reports. Cowen reissued a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a report on Monday. Roth Capital restated a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Five equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $19.60.

Sable Offshore Trading Up 17.8%

Shares of NYSE SOC opened at $10.31 on Friday. The firm has a market capitalization of $1.49 billion, a PE ratio of -3.16 and a beta of 0.39. The firm’s 50-day moving average is $6.92 and its 200-day moving average is $17.81. Sable Offshore has a 1 year low of $3.72 and a 1 year high of $35.00.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). As a group, equities research analysts anticipate that Sable Offshore will post -6.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim bought 982,645 shares of the company’s stock in a transaction on Wednesday, October 15th. The stock was acquired at an average cost of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the transaction, the insider directly owned 10,933,394 shares in the company, valued at $164,438,245.76. This trade represents a 9.88% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 36.36% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Encompass Capital Advisors LLC boosted its stake in Sable Offshore by 83.8% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock worth $108,845,000 after purchasing an additional 2,257,069 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Sable Offshore by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,581,958 shares of the company’s stock valued at $80,001,000 after acquiring an additional 108,504 shares during the last quarter. State Street Corp grew its stake in shares of Sable Offshore by 16.1% in the second quarter. State Street Corp now owns 3,035,292 shares of the company’s stock worth $66,716,000 after acquiring an additional 420,433 shares during the period. Capital International Investors purchased a new position in shares of Sable Offshore during the third quarter valued at approximately $31,499,000. Finally, Geode Capital Management LLC raised its holdings in shares of Sable Offshore by 29.3% during the second quarter. Geode Capital Management LLC now owns 1,624,893 shares of the company’s stock valued at $35,721,000 after purchasing an additional 368,059 shares during the last quarter. Institutional investors own 26.19% of the company’s stock.

About Sable Offshore

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.