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 note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a $6.00 target price on the stock.

Other equities analysts have also issued reports about the stock. Johnson Rice assumed coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price for the company. Jefferies Financial Group upped their target price on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Benchmark restated a “buy” rating and issued a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Stock Down 1.6 %

Shares of NYSE SOC opened at $23.92 on Wednesday. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. Sable Offshore has a 1-year low of $10.11 and a 1-year high of $28.67. The company has a fifty day moving average price of $22.41 and a 200 day moving average price of $18.22.

Insiders Place Their Bets

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the business’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 $175,820,020. This trade represents a 9.33 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 14.30% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds have recently added to or reduced their stakes in SOC. Himalaya Capital Management LLC acquired a new stake in Sable Offshore during the 3rd quarter valued at $31,735,000. State Street Corp lifted its holdings in Sable Offshore by 74.3% during the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after purchasing an additional 677,426 shares during the last quarter. GM Advisory Group LLC lifted its holdings in Sable Offshore by 370.3% during the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock valued at $12,051,000 after purchasing an additional 401,559 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Sable Offshore during the 2nd quarter valued at $2,154,000. Finally, Barclays PLC lifted its holdings in Sable Offshore by 342.9% during the 3rd quarter. Barclays PLC now owns 77,583 shares of the company’s stock valued at $1,832,000 after purchasing an additional 60,065 shares during the last quarter. Institutional investors and hedge funds 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.