Sable Offshore (NYSE:SOC) Earns “Sell” Rating from BWS Financial

Sable Offshore (NYSE:SOC)‘s stock had its “sell” rating reiterated by stock analysts at BWS Financial in a research report issued on Friday,Benzinga reports. They presently have a $6.00 target price on the stock. BWS Financial’s price objective suggests a potential downside of 70.94% from the company’s previous close.

A number of other brokerages also recently issued reports 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, October 7th. Jefferies Financial Group increased their target price on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Johnson Rice began coverage on Sable Offshore in a research note on Tuesday, November 5th. They issued 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 issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Trading Down 8.2 %

Shares of NYSE:SOC opened at $20.65 on Friday. Sable Offshore has a 12-month low of $10.11 and a 12-month high of $28.67. The company’s 50 day moving average price is $22.36 and its two-hundred day moving average price is $17.56. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC increased its position in Sable Offshore by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company’s stock worth $24,844,000 after purchasing an additional 26,934 shares in the last quarter. Barclays PLC grew its stake in shares of Sable Offshore by 342.9% during the third quarter. Barclays PLC now owns 77,583 shares of the company’s stock worth $1,832,000 after buying an additional 60,065 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Sable Offshore during the third quarter worth $406,000. State Street Corp lifted its stake in shares of Sable Offshore by 74.3% in the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after acquiring an additional 677,426 shares during the last quarter. Finally, Himalaya Capital Management LLC acquired a new stake in shares of Sable Offshore during the 3rd quarter valued at $31,735,000. 26.19% of the stock is currently 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.