Jefferies Financial Group Issues Positive Forecast for Sable Offshore (NYSE:SOC) Stock Price

Sable Offshore (NYSE:SOC) had its price objective lifted by investment analysts at Jefferies Financial Group from $28.00 to $30.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective would indicate a potential upside of 64.43% from the stock’s previous close.

A number of other brokerages have also commented on SOC. Roth Mkm restated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, January 27th. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Finally, Benchmark restated a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $19.50.

Sable Offshore Stock Down 1.1%

Shares of SOC traded down $0.21 during mid-day trading on Monday, reaching $18.25. The company’s stock had a trading volume of 1,817,566 shares, compared to its average volume of 7,175,912. The company has a market cap of $2.69 billion, a price-to-earnings ratio of -4.35 and a beta of 0.43. The business has a fifty day moving average of $11.67 and a 200 day moving average of $11.51. Sable Offshore has a 1 year low of $3.72 and a 1 year high of $35.00.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.20. On average, analysts predict that Sable Offshore will post -6.39 earnings per share for the current year.

Hedge Funds Weigh In On Sable Offshore

Institutional investors have recently bought and sold shares of the stock. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Sable Offshore in the fourth quarter valued at approximately $37,000. Aster Capital Management DIFC Ltd raised its position in shares of Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after buying an additional 3,790 shares during the last quarter. NewEdge Advisors LLC raised its holdings in Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after acquiring an additional 650 shares in the last quarter. Williams Jones Wealth Management LLC. acquired a new position in shares of Sable Offshore in the fourth quarter valued at $90,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of Sable Offshore in the 4th quarter valued at $97,000. 26.19% of the stock is currently owned by institutional investors.

About Sable Offshore

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.