Sable Offshore (NYSE:SOC) Price Target Increased to $32.00 by Analysts at Jefferies Financial Group

Sable Offshore (NYSE:SOC) had its price objective raised by Jefferies Financial Group from $19.00 to $32.00 in a report published on Wednesday morning, Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

Separately, Benchmark reaffirmed a buy rating and set a $24.00 target price on shares of Sable Offshore in a research note on Wednesday, July 24th.

Sable Offshore Price Performance

SOC opened at $22.36 on Wednesday. Sable Offshore has a one year low of $10.11 and a one year high of $24.36. 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 business’s 50 day moving average price is $15.86 and its 200 day moving average price is $13.55.

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

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim acquired 41,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were purchased at an average price of $15.45 per share, for a total transaction of $633,450.00. Following the acquisition, the insider now owns 8,041,001 shares of the company’s stock, valued at $124,233,465.45. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 14.30% of the company’s stock.

Institutional Trading of Sable Offshore

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Amalgamated Bank purchased a new stake in Sable Offshore during the second quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Sable Offshore during the second quarter worth about $86,000. Spartan Fund Management Inc. purchased a new stake in Sable Offshore during the second quarter worth about $162,000. Walleye Trading LLC purchased a new stake in Sable Offshore during the first quarter worth about $235,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Sable Offshore during the second quarter worth about $324,000. 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.