Sable Offshore (NYSE:SOC) Trading Down 5.6% – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s share price dropped 5.6% during trading on Monday . The company traded as low as $21.01 and last traded at $21.02. Approximately 231,048 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 657,446 shares. The stock had previously closed at $22.27.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Benchmark restated a “buy” rating and set a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th. Pickering Energy Partners started coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating on the stock. BWS Financial restated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research report on Wednesday, November 27th. Johnson Rice assumed coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target on the stock. Finally, Jefferies Financial Group upped their target price on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.00.

Sable Offshore Stock Down 1.6 %

The firm has a 50-day moving average price of $21.65 and a 200 day moving average price of $19.17. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Amalgamated Bank acquired a new stake in Sable Offshore in the second quarter valued at approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Sable Offshore in the second quarter valued at $86,000. US Bancorp DE raised its stake in Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after buying an additional 3,758 shares in the last quarter. Covestor Ltd acquired a new stake in Sable Offshore in the third quarter valued at $130,000. Finally, Spartan Fund Management Inc. acquired a new position in shares of Sable Offshore during the 2nd quarter worth about $162,000. 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.