Sable Offshore (NYSE:SOC) Shares Gap Down – Here’s Why

Sable Offshore Corp. (NYSE:SOC) shares gapped down prior to trading on Friday . The stock had previously closed at $22.49, but opened at $21.30. Sable Offshore shares last traded at $21.88, with a volume of 504,836 shares traded.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on SOC shares. Johnson Rice assumed coverage on shares of 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 started coverage on Sable Offshore in a report on Tuesday, October 8th. They set a “sell” rating and a $6.00 price target for the company. Jefferies Financial Group upped their price target on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, Benchmark reaffirmed a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research report on Monday, October 7th. 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, Sable Offshore has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Stock Down 2.0 %

The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48. The firm’s fifty day moving average is $22.36 and its two-hundred day moving average is $17.41.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). On average, sell-side analysts forecast that Sable Offshore Corp. will post -3.95 EPS for the current year.

Insider Buying and Selling

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 stock was acquired at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the acquisition, the insider now directly owns 8,791,001 shares of the company’s stock, valued at approximately $175,820,020. This trade represents a 9.33 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 14.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Sable Offshore

Several large investors have recently made changes to their positions in the company. Himalaya Capital Management LLC bought a new position in Sable Offshore during the third quarter valued at approximately $31,735,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Sable Offshore by 9.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 39,248 shares of the company’s stock worth $927,000 after acquiring an additional 3,531 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Sable Offshore by 31.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock valued at $179,000 after acquiring an additional 1,830 shares during the last quarter. BBR Partners LLC purchased a new position in shares of Sable Offshore in the third quarter valued at $354,000. Finally, MetLife Investment Management LLC lifted its position in Sable Offshore by 129.1% during the third quarter. MetLife Investment Management LLC now owns 29,606 shares of the company’s stock valued at $700,000 after purchasing an additional 16,682 shares during the last quarter. 26.19% of the stock is owned by institutional investors.

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.