Sable Offshore (NYSE:SOC) Shares Down 7.5% – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s stock price traded down 7.5% during trading on Wednesday . The stock traded as low as $23.05 and last traded at $23.50. 691,994 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 1,092,053 shares. The stock had previously closed at $25.42.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on SOC shares. Pickering Energy Partners began coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They set an “outperform” rating on the stock. BWS Financial reiterated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a report on Wednesday, November 27th. Finally, Johnson Rice assumed coverage on Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price for the company. One research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat.com, Sable Offshore has an average rating of “Moderate Buy” and an average target price of $25.00.

Sable Offshore Trading Down 3.1 %

The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The firm’s 50-day moving average is $23.23 and its 200 day moving average is $21.24.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors have recently bought and sold shares of the company. Himalaya Capital Management LLC bought a new position in Sable Offshore in the third quarter valued at approximately $31,735,000. State Street Corp grew its stake in shares of Sable Offshore by 74.3% in the third quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after buying an additional 677,426 shares in the last quarter. GM Advisory Group LLC increased its holdings in Sable Offshore by 370.3% during the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after buying an additional 401,559 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Sable Offshore by 27.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 493,042 shares of the company’s stock worth $11,291,000 after acquiring an additional 107,475 shares in the last quarter. Finally, 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 valued at $2,836,000 after purchasing an additional 72,694 shares during the period. 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.