Sable Offshore (NYSE:SOC) Given Sell Rating at BWS Financial

BWS Financial restated their sell rating on shares of Sable Offshore (NYSE:SOC) in a research report released on Friday,Benzinga reports. They currently have a $6.00 price target on the stock.

Other research analysts also recently issued research reports about the stock. Jefferies Financial Group boosted their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Johnson Rice began coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective on the stock. Finally, Benchmark reaffirmed a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Trading Down 8.2 %

Shares of NYSE SOC traded down $1.84 during midday trading on Friday, reaching $20.65. The stock had a trading volume of 2,349,793 shares, compared to its average volume of 565,812. The company’s 50 day moving average price is $22.36 and its 200 day moving average price is $17.51. The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48. Sable Offshore has a twelve month low of $10.11 and a twelve month high of $28.67.

Sable Offshore (NYSE:SOC) last released its 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). Analysts forecast that Sable Offshore will post -3.95 earnings per share for the current year.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were acquired at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the purchase, the insider now owns 8,791,001 shares in the company, valued at approximately $175,820,020. The trade was a 9.33 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 14.30% of the stock is currently owned by insiders.

Institutional Trading of Sable Offshore

Institutional investors and hedge funds have recently made changes to their positions in the company. Amalgamated Bank bought a new position in shares of Sable Offshore during the 2nd quarter worth approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Sable Offshore during the second quarter worth $86,000. US Bancorp DE boosted its position in Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after purchasing an additional 3,758 shares during the last quarter. Covestor Ltd bought a new position in Sable Offshore in the 3rd quarter valued at $130,000. Finally, Spartan Fund Management Inc. purchased a new stake in shares of Sable Offshore during the 2nd quarter valued at $162,000. 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.