Sable Offshore’s (SOC) Sell Rating Reaffirmed at BWS Financial

Sable Offshore (NYSE:SOC)‘s stock had its “sell” rating reissued by equities researchers at BWS Financial in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $6.00 price target on the stock. BWS Financial’s price target would indicate a potential downside of 75.01% from the stock’s current price.

Several other analysts have also recently commented on SOC. Jefferies Financial Group raised their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Benchmark restated a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a research report on Monday, October 7th. Finally, Johnson Rice assumed coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 target price on the stock. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat, Sable Offshore has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Stock Down 1.2 %

SOC traded down $0.29 on Wednesday, hitting $24.01. 228,240 shares of the company traded hands, compared to its average volume of 582,595. Sable Offshore has a 12-month low of $10.11 and a 12-month high of $28.67. The company has a 50 day moving average of $22.41 and a 200-day moving average of $18.22. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were acquired at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the transaction, the insider now directly owns 8,791,001 shares of the company’s stock, valued at approximately $175,820,020. This represents a 9.33 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 14.30% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Institutional investors and hedge funds have recently made changes to their positions in the business. Virtu Financial LLC purchased a new position in Sable Offshore in the 3rd quarter valued at about $521,000. Geode Capital Management LLC lifted its stake in shares of Sable Offshore by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company’s stock worth $24,844,000 after purchasing an additional 26,934 shares during the period. Barclays PLC grew its position in shares of Sable Offshore by 342.9% in the third 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 period. XTX Topco Ltd acquired a new position in Sable Offshore in the third quarter valued at $406,000. Finally, State Street Corp lifted its position in Sable Offshore by 74.3% during the third quarter. State Street Corp now owns 1,589,395 shares of the company’s stock worth $37,557,000 after buying an additional 677,426 shares during the period. 26.19% of the stock is currently 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.