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

BWS Financial reaffirmed their sell rating on shares of Sable Offshore (NYSE:SOC) in a research report report published on Wednesday morning,Benzinga reports. BWS Financial currently has a $6.00 price target on the stock.

A number of other research firms also recently commented on SOC. Johnson Rice assumed coverage on Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price target for the company. Jefferies Financial Group boosted their price target on 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 reaffirmed a “buy” rating and issued a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Trading Down 1.6 %

SOC stock opened at $23.92 on Wednesday. The business has a 50-day simple moving average of $22.41 and a 200 day simple moving average of $18.22. Sable Offshore has a 52 week low of $10.11 and a 52 week high of $28.67. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 750,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were purchased at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the transaction, the insider now directly owns 8,791,001 shares in the company, valued at approximately $175,820,020. The trade was a 9.33 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. 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 worth $37,557,000 after purchasing an additional 677,426 shares during the last quarter. Himalaya Capital Management LLC bought a new stake in shares of Sable Offshore during the third quarter worth about $31,735,000. Geode Capital Management LLC grew its holdings in shares of Sable Offshore by 2.6% during the third quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company’s stock worth $24,844,000 after purchasing an additional 26,934 shares during the last quarter. GM Advisory Group LLC grew its holdings in shares of Sable Offshore by 370.3% during the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after purchasing an additional 401,559 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Sable Offshore by 6.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company’s stock worth $9,111,000 after purchasing an additional 21,794 shares during 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.