Sable Offshore (NYSE:SOC) Shares Down 2.2% – Here’s Why

Sable Offshore Corp. (NYSE:SOC) traded down 2.2% during trading on Monday . The company traded as low as $24.25 and last traded at $24.58. 87,459 shares were traded during mid-day trading, a decline of 91% from the average session volume of 946,708 shares. The stock had previously closed at $25.12.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating for the company. BWS Financial reaffirmed a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, March 18th. Finally, Benchmark reissued a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Sable Offshore presently has an average rating of “Moderate Buy” and a consensus target price of $26.25.

Sable Offshore Trading Up 1.7 %

The business’s 50-day simple moving average is $26.03 and its 200 day simple moving average is $23.65. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Hedge Funds Weigh In On Sable Offshore

A number of large investors have recently bought and sold shares of SOC. Summit Securities Group LLC bought a new stake in Sable Offshore during the 4th quarter valued at $53,000. IFP Advisors Inc bought a new stake in Sable Offshore during the fourth quarter valued at about $81,000. ORG Wealth Partners LLC purchased a new position in Sable Offshore in the fourth quarter valued at about $106,000. Salem Investment Counselors Inc. raised its holdings in Sable Offshore by 81.8% in 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 in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Sable Offshore during the fourth quarter valued at about $144,000. 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.