Sable Offshore (NYSE:SOC) Trading Down 4.9% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) dropped 4.9% during trading on Monday . The company traded as low as $22.30 and last traded at $22.34. Approximately 148,476 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 581,228 shares. The stock had previously closed at $23.48.

Analysts Set New Price Targets

SOC has been the subject of several research analyst reports. Benchmark reaffirmed a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. Johnson Rice assumed coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective for the company. BWS Financial reaffirmed a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a report on Wednesday, November 27th. Finally, Jefferies Financial Group increased their price target on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Sable Offshore presently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Stock Performance

The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The firm’s 50-day moving average price is $22.31 and its 200-day moving average price is $18.47.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim bought 750,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was 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. The trade was a 9.33 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SOC. GM Advisory Group LLC increased its stake in Sable Offshore by 370.3% in the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after buying an additional 401,559 shares during the period. Corsair Capital Management L.P. purchased a new position in shares of Sable Offshore during the third quarter worth approximately $591,000. Sentry Investment Management LLC bought a new stake in shares of Sable Offshore during the third quarter valued at approximately $575,000. Bank of New York Mellon Corp purchased a new stake in shares of Sable Offshore in the second quarter valued at approximately $2,154,000. Finally, Pekin Hardy Strauss Inc. bought a new position in Sable Offshore in the third quarter worth approximately $659,000. Institutional investors own 26.19% of the company’s stock.

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.