Sable Offshore (NYSE:SOC) Stock Price Down 4.9% – Time to Sell?

Sable Offshore Corp. (NYSE:SOC)’s stock price dropped 4.9% during trading on Monday . The company traded as low as $22.30 and last traded at $22.34. Approximately 148,476 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 581,228 shares. The stock had previously closed at $23.48.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SOC. BWS Financial reaffirmed a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research report on Wednesday, November 27th. Jefferies Financial Group raised their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Benchmark reiterated a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. Finally, Johnson Rice started coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target for the company. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $25.00.

Sable Offshore Trading Down 7.9 %

The company has a 50 day moving average of $22.31 and a two-hundred day moving average of $18.47. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim bought 750,000 shares of Sable Offshore stock in a transaction that occurred on Thursday, September 19th. The stock was bought at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the purchase, the insider now directly owns 8,791,001 shares of the company’s stock, valued at approximately $175,820,020. The trade was a 9.33 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SOC. Amalgamated Bank purchased a new stake in Sable Offshore in the second quarter valued at approximately $26,000. US Bancorp DE boosted its holdings in shares of Sable Offshore by 340.4% in the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after acquiring an additional 3,758 shares during the last quarter. Covestor Ltd purchased a new position in shares of Sable Offshore during the third quarter worth $130,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Sable Offshore during the second quarter worth $86,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Sable Offshore by 31.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock valued at $179,000 after purchasing an additional 1,830 shares during the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

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.