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

Sable Offshore Corp. (NYSE:SOC) gapped down prior to trading on Monday . The stock had previously closed at $24.48, but opened at $23.74. Sable Offshore shares last traded at $23.10, with a volume of 401,519 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SOC. Benchmark reissued a “buy” rating and set a $37.00 price target on shares of Sable Offshore in a research report on Monday. BWS Financial assumed coverage on Sable Offshore in a report on Tuesday. They set a “sell” rating and a $6.00 target price on the stock. Finally, Jefferies Financial Group raised their price target on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th.

Sable Offshore Stock Performance

The business’s 50 day simple moving average is $19.52 and its 200-day simple moving average is $15.53. 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 announced its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($2.36). On average, analysts predict that Sable Offshore Corp. will post -2.82 EPS for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim bought 41,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were purchased at an average cost of $15.45 per share, with a total value of $633,450.00. Following the acquisition, the insider now owns 8,041,001 shares of the company’s stock, valued at $124,233,465.45. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 14.30% of the company’s stock.

Institutional Trading of Sable Offshore

Large investors have recently bought and sold shares of the business. Amalgamated Bank bought a new position in shares of Sable Offshore during the 2nd quarter worth approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Sable Offshore in the second quarter worth $86,000. Spartan Fund Management Inc. bought a new stake in Sable Offshore in the second quarter valued at $162,000. Walleye Trading LLC acquired a new position in shares of Sable Offshore during the first quarter valued at about $235,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Sable Offshore during the 2nd quarter worth about $324,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Company Profile

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.