Sable Offshore (NYSE:SOC) Stock Price Down 4.9% – What’s Next?

Sable Offshore Corp. (NYSE:SOC) shares fell 4.9% during trading on Monday . The company traded as low as $22.30 and last traded at $22.34. 148,476 shares were traded during trading, a decline of 74% from the average session volume of 581,228 shares. The stock had previously closed at $23.48.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on SOC shares. Johnson Rice initiated coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective on the stock. Jefferies Financial Group boosted their price target on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, Benchmark reiterated a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.00.

Sable Offshore Trading Down 1.0 %

The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The business has a fifty day moving average of $22.21 and a 200-day moving average of $18.58.

Insider Activity

In related news, major shareholder Global Icav Pilgrim bought 750,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were bought at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the transaction, the insider now directly owns 8,791,001 shares of the company’s stock, valued at approximately $175,820,020. This trade represents a 9.33 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors have recently bought and sold shares of the stock. State Street Corp lifted its stake in Sable Offshore by 74.3% during the third quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after buying an additional 677,426 shares in the last quarter. Himalaya Capital Management LLC purchased a new position in shares of Sable Offshore during the third quarter valued at $31,735,000. Geode Capital Management LLC raised its position in Sable Offshore by 2.6% during the third quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company’s stock valued at $24,844,000 after buying an additional 26,934 shares during the period. GM Advisory Group LLC lifted its stake in Sable Offshore by 370.3% in the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after acquiring an additional 401,559 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Sable Offshore by 6.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company’s stock worth $9,111,000 after acquiring an additional 21,794 shares during the period. Hedge funds and other 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.