Sable Offshore (NYSE:SOC) Trading Down 5.6% – Here’s What Happened

Shares of Sable Offshore Corp. (NYSE:SOC) were down 5.6% on Monday . The company traded as low as $21.01 and last traded at $21.02. Approximately 231,048 shares were traded during trading, a decline of 65% from the average daily volume of 657,446 shares. The stock had previously closed at $22.27.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SOC. Jefferies Financial Group upped their target price 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. Benchmark reiterated a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. Johnson Rice started coverage on Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target on the stock. BWS Financial reiterated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Sable Offshore presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Stock Down 1.6 %

The business has a 50-day simple moving average of $21.65 and a two-hundred day simple moving average of $19.17. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Institutional Investors Weigh In On Sable Offshore

A number of institutional investors have recently added to or reduced their stakes in SOC. State Street Corp lifted its holdings 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 buying an additional 677,426 shares during the period. Himalaya Capital Management LLC acquired a new stake in Sable Offshore in the third quarter valued at $31,735,000. Geode Capital Management LLC boosted its position in shares of 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. GM Advisory Group LLC grew its stake in shares of Sable Offshore by 370.3% during the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after purchasing an additional 401,559 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Sable Offshore by 6.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company’s stock valued at $9,111,000 after purchasing an additional 21,794 shares in the last quarter. 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.