Roth Capital Upgrades Sable Offshore (NYSE:SOC) to Strong-Buy

Sable Offshore (NYSE:SOC) was upgraded by investment analysts at Roth Capital to a “strong-buy” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

A number of other brokerages have also recently commented on SOC. Pickering Energy Partners started coverage on Sable Offshore in a research note on Tuesday, December 17th. They set an “outperform” rating on the stock. BWS Financial restated a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a report on Tuesday, March 18th. Roth Mkm began coverage on shares of Sable Offshore in a research report on Thursday. They issued a “buy” rating and a $30.00 price objective for the company. Finally, Benchmark reissued a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $27.00.

Sable Offshore Stock Performance

Shares of SOC stock opened at $26.17 on Thursday. The company’s fifty day simple moving average is $26.10 and its 200-day simple moving average is $23.69. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. Sable Offshore has a 52 week low of $10.11 and a 52 week high of $32.33.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SOC. Summit Securities Group LLC acquired a new stake in Sable Offshore during the fourth quarter valued at approximately $53,000. IFP Advisors Inc bought a new position in shares of Sable Offshore in the 4th quarter worth about $81,000. ORG Wealth Partners LLC acquired a new position in shares of Sable Offshore in the 4th quarter valued at about $106,000. Salem Investment Counselors Inc. grew its position in shares of Sable Offshore by 81.8% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock valued at $114,000 after buying an additional 2,250 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Sable Offshore in the fourth quarter valued at approximately $144,000. 26.19% of the stock is owned by institutional investors and hedge funds.

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.