Sable Offshore (NYSE:SOC) Sets New 1-Year High – Should You Buy?

Sable Offshore Corp. (NYSE:SOC)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $31.56 and last traded at $30.60, with a volume of 6778707 shares. The stock had previously closed at $24.47.

Wall Street Analysts Forecast Growth

SOC has been the subject of several research analyst reports. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating for the company. BWS Financial reissued a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, Johnson Rice began coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price objective on the stock. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Trading Up 25.1 %

The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. The firm’s 50 day moving average is $23.39 and its two-hundred day moving average is $21.48.

Institutional Trading of Sable Offshore

A number of institutional investors have recently bought and sold shares of the company. Bridgewater Associates LP bought a new stake in Sable Offshore during the fourth quarter valued at $4,693,000. XTX Topco Ltd boosted its position in Sable Offshore by 101.0% during the fourth quarter. XTX Topco Ltd now owns 34,505 shares of the company’s stock valued at $790,000 after acquiring an additional 17,337 shares during the last quarter. Mariner LLC boosted its position in Sable Offshore by 232.1% during the fourth quarter. Mariner LLC now owns 39,496 shares of the company’s stock valued at $904,000 after acquiring an additional 27,604 shares during the last quarter. Barclays PLC boosted its position in Sable Offshore by 11.9% during the fourth quarter. Barclays PLC now owns 86,835 shares of the company’s stock valued at $1,988,000 after acquiring an additional 9,252 shares during the last quarter. Finally, Townsquare Capital LLC bought a new position in shares of Sable Offshore during the 4th quarter worth about $231,000. Institutional investors own 26.19% of the company’s stock.

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.