BWS Financial Reiterates “Sell” Rating for Sable Offshore (NYSE:SOC)

Sable Offshore (NYSE:SOC)‘s stock had its “sell” rating reaffirmed by research analysts at BWS Financial in a report released on Tuesday,Benzinga reports. They currently have a $6.00 price target on the stock. BWS Financial’s price target indicates a potential downside of 75.83% from the stock’s previous close.

Several other research analysts also recently commented on the stock. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They issued an “outperform” rating on the stock. Benchmark reissued a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research report on Thursday, February 20th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $26.25.

Sable Offshore Stock Performance

Shares of Sable Offshore stock traded down $0.54 during trading on Tuesday, hitting $24.83. The stock had a trading volume of 142,209 shares, compared to its average volume of 1,414,716. Sable Offshore has a 12 month low of $10.11 and a 12 month high of $32.33. The firm’s fifty day simple moving average is $25.67 and its 200-day simple moving average is $23.43. 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

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Sable Offshore by 23.6% during the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock valued at $79,832,000 after buying an additional 665,407 shares during the last quarter. State Street Corp lifted its position in Sable Offshore by 74.3% during the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company’s stock worth $37,557,000 after acquiring an additional 677,426 shares during the period. Encompass Capital Advisors LLC lifted its position in Sable Offshore by 128.9% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock worth $32,060,000 after acquiring an additional 788,495 shares during the period. Himalaya Capital Management LLC acquired a new stake in Sable Offshore during the 3rd quarter worth about $31,735,000. Finally, Geode Capital Management LLC lifted its position in Sable Offshore by 16.9% during the 4th quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company’s stock worth $28,155,000 after acquiring an additional 177,971 shares during the period. Institutional investors and hedge funds 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.