Sable Offshore Corp. (NYSE:SOC) Sees Large Increase in Short Interest

Sable Offshore Corp. (NYSE:SOC) saw a significant increase in short interest in February. As of February 15th, there was short interest totalling 7,290,000 shares, an increase of 20.1% from the January 31st total of 6,070,000 shares. Based on an average daily trading volume, of 1,420,000 shares, the short-interest ratio is presently 5.1 days. Currently, 12.6% of the company’s stock are short sold.

Sable Offshore Stock Performance

Shares of NYSE:SOC opened at $24.20 on Friday. The firm’s fifty day moving average is $25.62 and its 200-day moving average is $22.90. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. Sable Offshore has a 52 week low of $10.11 and a 52 week high of $32.33.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds have recently bought and sold shares of SOC. JPMorgan Chase & Co. raised its holdings in shares of Sable Offshore by 153.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company’s stock worth $2,836,000 after acquiring an additional 72,694 shares during the last quarter. Americana Partners LLC purchased a new stake in shares of Sable Offshore during the 4th quarter valued at approximately $309,000. Y Intercept Hong Kong Ltd purchased a new stake in Sable Offshore in the 4th quarter worth approximately $354,000. Bleakley Financial Group LLC purchased a new stake in Sable Offshore in the 4th quarter worth approximately $1,562,000. Finally, Barclays PLC raised its position in shares of 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 buying an additional 60,065 shares in the last quarter. Institutional investors own 26.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SOC. Benchmark reaffirmed a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a report on Thursday, February 20th. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They set an “outperform” rating for the company. Finally, BWS Financial reaffirmed a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $26.25.

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.