Sable Offshore Corp. (NYSE:SOC) Short Interest Down 12.4% in January

Sable Offshore Corp. (NYSE:SOC) was the recipient of a significant drop in short interest in the month of January. As of January 15th, there was short interest totalling 6,200,000 shares, a drop of 12.4% from the December 31st total of 7,080,000 shares. Approximately 10.7% of the shares of the company are short sold. Based on an average daily volume of 1,290,000 shares, the days-to-cover ratio is currently 4.8 days.

Sable Offshore Stock Down 0.4 %

Sable Offshore stock opened at $24.88 on Friday. The business has a 50-day simple moving average of $23.24 and a 200 day simple moving average of $21.02. Sable Offshore has a 52 week low of $10.11 and a 52 week high of $29.80. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Pickering Energy Partners started coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They issued an “outperform” rating on the stock. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. Benchmark reissued a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a report on Monday, October 7th. Finally, Johnson Rice initiated coverage on Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 target price for the company. One analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp lifted its position in Sable Offshore by 74.3% during the third quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after purchasing an additional 677,426 shares during the last quarter. Himalaya Capital Management LLC bought a new stake in shares of Sable Offshore during the 3rd quarter worth $31,735,000. Geode Capital Management LLC grew its position in Sable Offshore by 2.6% in the third quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company’s stock worth $24,844,000 after acquiring an additional 26,934 shares in the last quarter. GM Advisory Group LLC increased its stake in Sable Offshore by 370.3% in the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock valued at $12,051,000 after acquiring an additional 401,559 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Sable Offshore by 6.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company’s stock valued at $9,111,000 after purchasing an additional 21,794 shares in the last quarter. Hedge funds and other 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.