Sable Offshore (NYSE:SOC) Earns Buy Rating from Analysts at Roth Mkm

Roth Mkm initiated coverage on shares of Sable Offshore (NYSE:SOC) in a research note published on Thursday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $30.00 target price on the stock.

SOC has been the topic of a number of other reports. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, March 18th. Pickering Energy Partners began coverage on Sable Offshore in a research report on Tuesday, December 17th. They issued an “outperform” rating on the stock. Finally, Benchmark reiterated a “buy” rating on shares of Sable Offshore in a report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Sable Offshore presently has an average rating of “Moderate Buy” and an average price target of $27.00.

Sable Offshore Price Performance

SOC stock opened at $25.95 on Thursday. The firm has a 50 day simple moving average of $26.13 and a 200 day simple moving average of $23.73. Sable Offshore has a 52 week low of $10.11 and a 52 week high of $32.33. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Institutional Inflows and Outflows

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