Sable Offshore’s (SOC) “Sell” Rating Reiterated at BWS Financial

BWS Financial reissued their sell rating on shares of Sable Offshore (NYSE:SOC) in a research note published on Friday,Benzinga reports. They currently have a $6.00 price target on the stock.

SOC has been the topic of a number of other reports. Jefferies Financial Group lifted their price target on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Benchmark restated a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a report on Monday, October 7th. Finally, Johnson Rice began coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 target price for the company. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Stock Performance

Shares of NYSE SOC opened at $20.65 on Friday. The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48. Sable Offshore has a 52-week low of $10.11 and a 52-week high of $28.67. The company’s 50-day simple moving average is $22.36 and its 200-day simple moving average is $17.61.

Insider Activity

In other news, major shareholder Global Icav Pilgrim bought 41,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were purchased at an average price of $15.45 per share, for a total transaction of $633,450.00. Following the completion of the transaction, the insider now owns 8,041,001 shares in the company, valued at $124,233,465.45. The trade was a 0.51 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Fayez Sarofim & Co acquired a new stake in shares of Sable Offshore during the 1st quarter valued at approximately $32,880,000. State Street Corp grew its holdings in shares of 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 buying an additional 677,426 shares in the last quarter. Himalaya Capital Management LLC purchased a new stake in Sable Offshore in the 3rd quarter worth about $31,735,000. Geode Capital Management LLC grew its stake 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 valued at $24,844,000 after purchasing an additional 26,934 shares in the last quarter. Finally, GM Advisory Group LLC grew its position in Sable Offshore by 370.3% in the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after acquiring an additional 401,559 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.