Sable Offshore (NYSE:SOC) Trading Down 6.3% – Here’s Why

Shares of Sable Offshore Corp. (NYSE:SOC) fell 6.3% during mid-day trading on Tuesday . The company traded as low as $24.09 and last traded at $24.46. 1,038,234 shares were traded during mid-day trading, a decline of 26% from the average session volume of 1,401,487 shares. The stock had previously closed at $26.11.

Wall Street Analyst Weigh In

Several analysts have commented on SOC shares. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They issued an “outperform” rating for the company. Johnson Rice began coverage on Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price for the company. Benchmark reaffirmed a “buy” rating and issued a $37.00 price target on shares of Sable Offshore in a research note on Thursday, February 20th. Finally, BWS Financial reissued a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $26.25.

Sable Offshore Price Performance

The stock has a 50 day simple moving average of $25.57 and a 200-day simple moving average of $22.83. 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 Inflows and Outflows

Several hedge funds have recently modified their holdings of SOC. Summit Securities Group LLC purchased a new position in Sable Offshore in the fourth quarter worth about $53,000. IFP Advisors Inc bought a new position in shares of Sable Offshore during the 4th quarter valued at about $81,000. ORG Wealth Partners LLC purchased a new position in Sable Offshore during the 4th quarter valued at approximately $106,000. Salem Investment Counselors Inc. grew its holdings in shares of Sable Offshore by 81.8% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock valued at $114,000 after purchasing an additional 2,250 shares in the last quarter. Finally, US Bancorp DE increased 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 buying an additional 3,758 shares during the last quarter. Hedge funds and other 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.