Sable Offshore (NYSE:SOC) Stock Price Down 7.5% – Time to Sell?

Sable Offshore Corp. (NYSE:SOC) was down 7.5% on Wednesday . The company traded as low as $23.05 and last traded at $23.50. Approximately 691,994 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 1,092,053 shares. The stock had previously closed at $25.42.

Analyst Ratings Changes

A number of analysts recently commented on SOC shares. BWS Financial reaffirmed a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a research report on Wednesday, November 27th. Johnson Rice started coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 target price for the company. Finally, Pickering Energy Partners assumed coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Trading Down 9.5 %

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 company has a 50-day moving average price of $23.28 and a two-hundred day moving average price of $21.22.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors have recently added to or reduced their stakes in the business. IFP Advisors Inc bought a new stake in shares of Sable Offshore during the 4th quarter worth $81,000. ORG Wealth Partners LLC purchased a new stake in Sable Offshore during the fourth quarter valued at about $106,000. Salem Investment Counselors Inc. lifted its stake in Sable Offshore by 81.8% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after purchasing an additional 2,250 shares during the last quarter. US Bancorp DE boosted its holdings in shares of Sable Offshore by 340.4% in the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after purchasing an additional 3,758 shares in the last quarter. Finally, Covestor Ltd bought a new position in shares of Sable Offshore during the 3rd quarter valued at about $130,000. 26.19% of the stock is currently owned by institutional investors.

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.