Sable Offshore (NYSE:SOC) Shares Gap Down – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $31.31, but opened at $29.27. Sable Offshore shares last traded at $29.65, with a volume of 41,154 shares changing hands.

Wall Street Analyst Weigh In

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

Sable Offshore Trading Down 3.1 %

The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The stock has a fifty day simple moving average of $24.62 and a 200-day simple moving average of $22.04.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank bought a new position in Sable Offshore during the fourth quarter worth about $344,000. GF Fund Management CO. LTD. bought a new position in shares of Sable Offshore during the 4th quarter valued at about $451,000. Two Seas Capital LP bought a new position in shares of Sable Offshore during the 4th quarter valued at about $3,630,000. Rafferty Asset Management LLC lifted its holdings in shares of Sable Offshore by 377.5% during the 4th quarter. Rafferty Asset Management LLC now owns 119,765 shares of the company’s stock valued at $2,743,000 after purchasing an additional 94,684 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Sable Offshore by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 14,211 shares of the company’s stock valued at $325,000 after purchasing an additional 4,675 shares in the last quarter. 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.