Sable Offshore (NYSE:SOC) Earns “Sell” Rating from BWS Financial

Sable Offshore (NYSE:SOC)‘s stock had its “sell” rating reiterated by equities researchers at BWS Financial in a report issued on Wednesday,Benzinga reports. They currently have a $6.00 price target on the stock. BWS Financial’s price objective points to a potential downside of 75.01% from the stock’s previous close.

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

Sable Offshore Price Performance

NYSE SOC traded down $0.29 during trading hours on Wednesday, reaching $24.01. The company’s stock had a trading volume of 228,240 shares, compared to its average volume of 582,595. The company’s 50-day moving average is $22.41 and its two-hundred day moving average is $18.22. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. Sable Offshore has a 1-year low of $10.11 and a 1-year high of $28.67.

Insider Buying and Selling

In related news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were acquired at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the transaction, the insider now owns 8,791,001 shares of the company’s stock, valued at $175,820,020. The trade was a 9.33 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 14.30% of the stock is owned by corporate insiders.

Institutional Trading of Sable Offshore

A number of large investors have recently modified their holdings of the stock. Amalgamated Bank acquired a new position in shares of Sable Offshore during the second quarter worth $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Sable Offshore during the second quarter worth $86,000. US Bancorp DE grew its stake in shares of Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after purchasing an additional 3,758 shares in the last quarter. Covestor Ltd acquired a new position in shares of Sable Offshore during the third quarter worth $130,000. Finally, Spartan Fund Management Inc. acquired a new position in shares of Sable Offshore during the second quarter worth $162,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.