Sable Offshore (NYSE:SOC) Shares Down 14% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC)’s share price was down 14% on Friday . The stock traded as low as $18.07 and last traded at $18.64. Approximately 863,410 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 985,350 shares. The stock had previously closed at $21.68.

Analyst Ratings Changes

Several equities analysts recently issued reports on SOC shares. Benchmark restated a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Roth Capital set a $30.00 target price on shares of Sable Offshore in a research note on Thursday, March 27th. Pickering Energy Partners started coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They set an “outperform” rating for the company. Roth Mkm assumed coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They set a “buy” rating and a $30.00 price objective for the company. Finally, BWS Financial restated a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $27.50.

Sable Offshore Trading Down 15.0 %

The business’s 50-day moving average price is $25.77 and its 200-day moving average price is $23.75. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SOC. Summit Securities Group LLC purchased a new stake in shares of Sable Offshore in the fourth quarter valued at approximately $53,000. IFP Advisors Inc purchased a new stake in Sable Offshore in the 4th quarter worth $81,000. ORG Wealth Partners LLC purchased a new stake in Sable Offshore in the 4th quarter worth $106,000. Salem Investment Counselors Inc. raised its position in Sable Offshore by 81.8% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after acquiring an additional 2,250 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new position in Sable Offshore during the fourth quarter valued at $144,000. 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.