Benchmark Boosts Sable Offshore (NYSE:SOC) Price Target to $37.00

Sable Offshore (NYSE:SOC) had its target price increased by Benchmark from $24.00 to $37.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Separately, Jefferies Financial Group boosted their price target on Sable Offshore from $19.00 to $32.00 and gave the company a buy rating in a research note on Wednesday, September 4th.

Sable Offshore Stock Down 1.0 %

Sable Offshore stock opened at $23.58 on Tuesday. Sable Offshore has a one year low of $10.11 and a one year high of $28.67. The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48. The stock has a 50-day moving average of $18.33 and a two-hundred day moving average of $14.79.

Sable Offshore (NYSE:SOC) last released its earnings results on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). Equities research analysts forecast that Sable Offshore will post -2.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim bought 750,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was purchased at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the acquisition, the insider now directly owns 8,791,001 shares in the company, valued at $175,820,020. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank purchased a new stake in shares of Sable Offshore during the 2nd quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Sable Offshore during the second quarter worth approximately $86,000. Spartan Fund Management Inc. acquired a new stake in Sable Offshore in the second quarter valued at approximately $162,000. Walleye Trading LLC purchased a new stake in shares of Sable Offshore in the first quarter valued at approximately $235,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Sable Offshore during the 2nd quarter worth approximately $324,000. Hedge funds and other institutional investors 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.