Sable Offshore (NYSE:SOC) Hits New 12-Month High – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $29.75 and last traded at $29.57, with a volume of 1014240 shares changing hands. The stock had previously closed at $26.18.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Johnson Rice assumed coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price on the stock. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They set an “outperform” rating for the company. Benchmark reaffirmed a “buy” rating and set a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th. Finally, BWS Financial reiterated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat, Sable Offshore currently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Price Performance

The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The stock’s 50-day simple moving average is $22.53 and its 200 day simple moving average is $20.42.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers acquired a new position in Sable Offshore in the second quarter valued at about $862,000. Amalgamated Bank acquired a new position in Sable Offshore during the second quarter worth about $26,000. The Manufacturers Life Insurance Company acquired a new position in Sable Offshore during the second quarter worth about $324,000. SG Americas Securities LLC acquired a new position in Sable Offshore during the third quarter worth about $412,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in Sable Offshore during the third quarter worth about $406,000. Institutional investors and hedge funds 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.