BWS Financial Reaffirms “Sell” Rating for Sable Offshore (NYSE:SOC)

Sable Offshore (NYSE:SOC)‘s stock had its “sell” rating reissued by equities research analysts at BWS Financial in a report issued on Wednesday,Benzinga reports. They presently have a $6.00 price objective on the stock. BWS Financial’s price objective suggests a potential downside of 74.91% from the stock’s current price.

Other research analysts have also issued reports about the company. Benchmark reiterated a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a research report on Monday, October 7th. Johnson Rice began coverage on Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target for the company. Finally, Jefferies Financial Group boosted their price objective on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the 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 Stock Performance

Sable Offshore stock opened at $23.91 on Wednesday. The firm has a 50 day simple moving average of $22.38 and a 200-day simple moving average of $18.26. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. Sable Offshore has a 1-year low of $10.11 and a 1-year high of $28.67.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the business’s stock in a transaction that occurred 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 acquisition, the insider now owns 8,791,001 shares of the company’s stock, valued at $175,820,020. This represents a 9.33 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 14.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Walleye Trading LLC acquired a new stake in shares of Sable Offshore during the first quarter worth about $235,000. Bank of New York Mellon Corp acquired a new stake in Sable Offshore during the 2nd quarter worth approximately $2,154,000. Emfo LLC purchased a new position in Sable Offshore in the 2nd quarter valued at approximately $371,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Sable Offshore in the second quarter worth $86,000. Finally, Spartan Fund Management Inc. purchased a new stake in shares of Sable Offshore during the second quarter worth $162,000. 26.19% of the stock is currently owned by hedge funds and other 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.