Sable Offshore (NYSE:SOC) Stock Price Down 5.6% – What’s Next?

Sable Offshore Corp. (NYSE:SOC) dropped 5.6% on Monday . The company traded as low as $21.01 and last traded at $21.02. Approximately 231,048 shares were traded during trading, a decline of 65% from the average daily volume of 657,446 shares. The stock had previously closed at $22.27.

Wall Street Analysts Forecast Growth

SOC has been the topic of several analyst reports. Johnson Rice started coverage on Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price on the stock. Benchmark reissued a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating for the company. BWS Financial reaffirmed a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Wednesday, November 27th. Finally, Jefferies Financial Group increased their target price 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 five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Stock Up 1.4 %

The stock has a 50-day moving average price of $21.69 and a two-hundred day moving average price of $19.22. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Institutional Trading of Sable Offshore

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp bought a new stake in Sable Offshore in the second quarter worth $2,154,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Sable Offshore during the 2nd quarter valued at about $86,000. Spartan Fund Management Inc. purchased a new stake in Sable Offshore during the 2nd quarter valued at $162,000. Rhumbline Advisers purchased a new position in Sable Offshore during the 2nd quarter valued at $862,000. Finally, Amalgamated Bank purchased a new stake in Sable Offshore in the second quarter worth $26,000. 26.19% of the stock is 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.