Sable Offshore (NYSE:SOC) Shares Gap Down – Time to Sell?

Sable Offshore Corp. (NYSE:SOC) gapped down before the market opened on Friday . The stock had previously closed at $22.49, but opened at $21.30. Sable Offshore shares last traded at $21.88, with a volume of 504,836 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on SOC shares. Benchmark reissued a “buy” rating and issued a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th. Johnson Rice initiated coverage on Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price for the company. BWS Financial assumed coverage on Sable Offshore in a research note on Tuesday, October 8th. They issued a “sell” rating and a $6.00 price target on the stock. Finally, 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. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Price Performance

The stock has a 50-day moving average of $22.36 and a two-hundred day moving average of $17.41. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($2.36). Equities research analysts forecast that Sable Offshore Corp. will post -3.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were acquired at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the transaction, the insider now owns 8,791,001 shares of the company’s stock, valued at $175,820,020. The trade was a 9.33 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 14.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Amalgamated Bank bought a new stake in Sable Offshore in the 2nd quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Sable Offshore during the second quarter valued at approximately $86,000. US Bancorp DE raised its holdings in shares of Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after purchasing an additional 3,758 shares during the last quarter. Covestor Ltd bought a new position in Sable Offshore during the third quarter valued at approximately $130,000. Finally, Spartan Fund Management Inc. purchased a new stake in Sable Offshore in the second quarter worth approximately $162,000. 26.19% of the stock is owned by 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.