Sable Offshore (NYSE:SOC) Given Sell Rating at BWS Financial

Sable Offshore (NYSE:SOC)‘s stock had its “sell” rating reaffirmed by research analysts at BWS Financial in a note issued to investors on Wednesday,Benzinga reports. They presently have a $6.00 target price on the stock. BWS Financial’s price objective would indicate a potential downside of 74.91% from the stock’s current price.

A number of other research firms also recently commented on SOC. Johnson Rice initiated coverage on Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price objective on the stock. Jefferies Financial Group increased their price target on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Benchmark reissued a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a report on Monday, October 7th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Trading Down 1.6 %

NYSE:SOC opened at $23.91 on Wednesday. Sable Offshore has a 12 month low of $10.11 and a 12 month high of $28.67. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The business’s fifty day moving average price is $22.38 and its 200 day moving average price is $18.26.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 750,000 shares of Sable Offshore stock in a transaction that occurred on Thursday, September 19th. The stock was purchased at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the transaction, the insider now directly owns 8,791,001 shares in the company, valued at $175,820,020. This trade represents a 9.33 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SOC. Amalgamated Bank acquired a new stake in shares of Sable Offshore during the second quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Sable Offshore during the 2nd quarter valued at approximately $86,000. US Bancorp DE raised its stake in Sable Offshore by 340.4% during the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after acquiring an additional 3,758 shares during the last quarter. Covestor Ltd acquired a new stake in Sable Offshore during the 3rd quarter worth approximately $130,000. Finally, Spartan Fund Management Inc. purchased a new position in shares of Sable Offshore in the 2nd quarter valued at approximately $162,000. 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.