Sable Offshore (NYSE:SOC) Receives New Coverage from Analysts at Jefferies Financial Group

Jefferies Financial Group initiated coverage on shares of Sable Offshore (NYSE:SOC) in a research report report published on Tuesday, MarketBeat reports. The brokerage issued a buy rating and a $19.00 target price on the stock.

Separately, Benchmark reissued a buy rating and set a $24.00 price objective on shares of Sable Offshore in a report on Wednesday, July 24th.

Sable Offshore Price Performance

SOC stock opened at $14.60 on Tuesday. The company has a debt-to-equity ratio of 2.91, a quick ratio of 2.60 and a current ratio of 2.80. Sable Offshore has a twelve month low of $10.11 and a twelve month high of $17.30. The business’s 50 day moving average is $15.31.

Insiders Place Their Bets

In other Sable Offshore news, CEO James C. Flores bought 100,000 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were acquired at an average cost of $13.74 per share, with a total value of $1,374,000.00. Following the acquisition, the chief executive officer now directly owns 2,625,000 shares of the company’s stock, valued at approximately $36,067,500. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Sable Offshore news, CEO James C. Flores bought 100,000 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were acquired at an average cost of $13.74 per share, with a total value of $1,374,000.00. Following the acquisition, the chief executive officer now directly owns 2,625,000 shares of the company’s stock, valued at approximately $36,067,500. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory Phillip Pipkin sold 82,238 shares of Sable Offshore stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $14.66, for a total transaction of $1,205,609.08. Following the completion of the transaction, the director now owns 85,540 shares in the company, valued at $1,254,016.40. The disclosure for this sale can be found here. 14.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently bought and sold shares of SOC. Clarus Group Inc. purchased a new position in Sable Offshore in the 1st quarter valued at $325,000. Fayez Sarofim & Co purchased a new stake in shares of Sable Offshore during the 1st quarter worth $32,880,000. Walleye Trading LLC purchased a new stake in shares of Sable Offshore during the 1st quarter worth $235,000. Bank of New York Mellon Corp purchased a new stake in shares of Sable Offshore during the 2nd quarter worth $2,154,000. Finally, Emfo LLC purchased a new stake in shares of Sable Offshore in the 2nd quarter worth about $371,000. 26.19% of the stock is currently owned by hedge funds and other 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.