Sable Offshore (NYSE:SOC) Trading Up 5.8% – Time to Buy?

Sable Offshore Corp. (NYSE:SOC) traded up 5.8% during mid-day trading on Wednesday . The stock traded as high as $24.57 and last traded at $24.39. 285,645 shares were traded during trading, a decline of 80% from the average session volume of 1,451,313 shares. The stock had previously closed at $23.05.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SOC. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They issued an “outperform” rating for the company. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, Benchmark reissued a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research report on Thursday, February 20th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $26.25.

Sable Offshore Stock Performance

The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The stock’s 50-day moving average is $25.60 and its two-hundred day moving average is $23.18.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently modified their holdings of SOC. Vanguard Group Inc. grew its position in Sable Offshore by 23.6% in the 4th 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 grew 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 purchasing an additional 677,426 shares during the last quarter. Encompass Capital Advisors LLC increased its stake in Sable Offshore by 128.9% in the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock worth $32,060,000 after buying an additional 788,495 shares during the period. Himalaya Capital Management LLC bought a new stake in Sable Offshore during the 3rd quarter valued at about $31,735,000. Finally, Geode Capital Management LLC boosted its position in Sable Offshore by 16.9% in the 4th quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company’s stock valued at $28,155,000 after buying an additional 177,971 shares during the period. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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.