Sable Offshore (NYSE:SOC) Upgraded by Roth Capital to Strong-Buy Rating

Sable Offshore (NYSE:SOC) was upgraded by Roth Capital to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. BWS Financial reiterated a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Mkm initiated coverage on Sable Offshore in a research report on Thursday. They set a “buy” rating and a $30.00 target price for the company. Benchmark restated a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Pickering Energy Partners started coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They set an “outperform” rating for the company. One analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Sable Offshore Trading Down 0.7 %

NYSE SOC opened at $25.95 on Thursday. The firm has a 50-day moving average price of $26.13 and a two-hundred day moving average price of $23.71. Sable Offshore has a 12-month low of $10.11 and a 12-month high of $32.33. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Sable Offshore by 23.6% in the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock valued at $79,832,000 after acquiring an additional 665,407 shares during the last quarter. State Street Corp lifted its holdings in shares of Sable Offshore by 74.3% in the third quarter. State Street Corp now owns 1,589,395 shares of the company’s stock worth $37,557,000 after acquiring an additional 677,426 shares during the last quarter. Encompass Capital Advisors LLC boosted its stake in shares of Sable Offshore by 128.9% in the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock valued at $32,060,000 after purchasing an additional 788,495 shares in the last quarter. Himalaya Capital Management LLC bought a new stake in shares of Sable Offshore during the 3rd quarter valued at approximately $31,735,000. Finally, Geode Capital Management LLC increased its position in Sable Offshore by 16.9% during the 4th quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company’s stock worth $28,155,000 after purchasing an additional 177,971 shares in the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.

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.