Sable Offshore (NYSE:SOC) Stock Price Down 6.3% – Should You Sell?

Sable Offshore Corp. (NYSE:SOC)’s stock price fell 6.3% during trading on Tuesday . The company traded as low as $24.09 and last traded at $24.46. 1,038,234 shares were traded during trading, a decline of 26% from the average session volume of 1,401,487 shares. The stock had previously closed at $26.11.

Analyst Ratings Changes

Several brokerages have issued reports on SOC. 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 on the stock. BWS Financial restated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. Pickering Energy Partners started coverage on Sable Offshore in a research report on Tuesday, December 17th. They issued an “outperform” rating on the stock. Finally, Benchmark reissued a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research note on Thursday, February 20th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $26.25.

Sable Offshore Price Performance

The company’s 50-day simple moving average is $25.57 and its 200 day simple moving average is $22.83. 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 Investors Weigh In On Sable Offshore

A number of hedge funds have recently bought and sold shares of SOC. Vanguard Group Inc. raised its holdings in shares of Sable Offshore by 23.6% in the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock valued at $79,832,000 after purchasing an additional 665,407 shares in the last quarter. State Street Corp raised its position in shares of 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 in the last quarter. Encompass Capital Advisors LLC boosted its holdings in Sable Offshore by 128.9% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock valued at $32,060,000 after purchasing an additional 788,495 shares in the last quarter. Himalaya Capital Management LLC purchased a new position in Sable Offshore in the third quarter valued at approximately $31,735,000. Finally, Geode Capital Management LLC increased its stake in Sable Offshore by 16.9% in the fourth quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company’s stock valued at $28,155,000 after purchasing an additional 177,971 shares during the last quarter. 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.