Sable Offshore (NYSE:SOC) Trading Down 7.5% – Time to Sell?

Sable Offshore Corp. (NYSE:SOC) shares fell 7.5% on Wednesday . The stock traded as low as $23.05 and last traded at $23.50. 691,994 shares were traded during trading, a decline of 37% from the average session volume of 1,092,053 shares. The stock had previously closed at $25.42.

Analyst Ratings Changes

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

Sable Offshore Price Performance

The firm has a 50 day simple moving average of $23.23 and a 200-day simple moving average of $21.24. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds have recently added to or reduced their stakes in SOC. The Manufacturers Life Insurance Company bought a new stake in shares of Sable Offshore during the second quarter worth $324,000. SG Americas Securities LLC bought a new stake in Sable Offshore during the 3rd quarter worth about $412,000. Allspring Global Investments Holdings LLC acquired a new position in Sable Offshore during the 3rd quarter valued at about $406,000. Ballentine Partners LLC bought a new position in shares of Sable Offshore in the 3rd quarter valued at about $313,000. Finally, US Bancorp DE grew its position in shares of Sable Offshore by 340.4% during the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after buying an additional 3,758 shares during the period. Institutional investors own 26.19% of the company’s stock.

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.