Sable Offshore (NYSE:SOC) Stock Price Down 4.9% – Here’s Why

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

Analysts Set New Price Targets

Several equities research analysts recently commented on SOC shares. Jefferies Financial Group boosted 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. Benchmark reissued a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. Johnson Rice assumed coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target on the stock. Finally, BWS Financial restated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, Sable Offshore presently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Stock Down 1.0 %

The company’s fifty day moving average is $22.21 and its 200-day moving average is $18.58. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

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 dated Thursday, September 19th. The stock was bought at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the insider now directly owns 8,791,001 shares in the company, valued at $175,820,020. This represents a 9.33 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Institutional investors and hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC bought a new stake in Sable Offshore in the 3rd quarter valued at $521,000. Geode Capital Management LLC lifted its stake in shares of Sable Offshore by 2.6% in the third quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company’s stock valued at $24,844,000 after buying an additional 26,934 shares during the period. Barclays PLC grew its position in Sable Offshore by 342.9% during the third quarter. Barclays PLC now owns 77,583 shares of the company’s stock worth $1,832,000 after buying an additional 60,065 shares in the last quarter. XTX Topco Ltd bought a new position in Sable Offshore during the third quarter valued at about $406,000. Finally, State Street Corp raised its holdings in Sable Offshore by 74.3% in the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after acquiring an additional 677,426 shares in the last quarter. Institutional investors 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.