Sable Offshore (NYSE:SOC) Earns Sell Rating from Analysts at BWS Financial

BWS Financial initiated coverage on shares of Sable Offshore (NYSE:SOC) in a report issued on Tuesday morning, MarketBeat Ratings reports. The firm issued a sell rating and a $6.00 price target on the stock. BWS Financial also issued estimates for Sable Offshore’s FY2024 earnings at ($3.43) EPS and FY2025 earnings at $2.28 EPS.

Other research analysts also recently issued reports about the company. Benchmark restated a buy rating and set a $37.00 price objective on shares of Sable Offshore in a research report on Monday. Jefferies Financial Group lifted their price objective on Sable Offshore from $19.00 to $32.00 and gave the stock a buy rating in a research report on Wednesday, September 4th.

Sable Offshore Stock Up 2.3 %

Shares of Sable Offshore stock opened at $19.87 on Tuesday. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $28.67. The business has a 50 day moving average price of $19.65 and a 200 day moving average price of $15.59.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($2.36). On average, equities research analysts anticipate that Sable Offshore will post -3.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim bought 750,000 shares of the stock in a transaction on Thursday, September 19th. The stock was purchased at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the purchase, the insider now owns 8,791,001 shares of the company’s stock, valued at approximately $175,820,020. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 14.30% of the stock is owned by corporate insiders.

Institutional Trading of Sable Offshore

Institutional investors have recently made changes to their positions in the stock. Amalgamated Bank purchased a new stake in shares of Sable Offshore during the 2nd quarter valued at $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Sable Offshore during the 2nd quarter valued at $86,000. Spartan Fund Management Inc. purchased a new stake in shares of Sable Offshore during the 2nd quarter valued at $162,000. SG Americas Securities LLC purchased a new stake in shares of Sable Offshore during the 3rd quarter valued at $412,000. Finally, Walleye Trading LLC purchased a new stake in Sable Offshore during the 1st quarter worth $235,000. 26.19% of the stock is owned by hedge funds and other 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.