Sable Offshore (NYSE:SOC) Trading Down 2.2% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shares traded down 2.2% during trading on Monday . The stock traded as low as $24.25 and last traded at $24.58. 87,459 shares were traded during trading, a decline of 91% from the average session volume of 946,708 shares. The stock had previously closed at $25.12.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Benchmark reissued a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. BWS Financial reissued a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a report on Tuesday, March 18th. Finally, Pickering Energy Partners initiated coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat, Sable Offshore presently has an average rating of “Moderate Buy” and an average target price of $26.25.

Sable Offshore Stock Up 1.7 %

The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. The stock has a 50-day simple moving average of $26.03 and a 200 day simple moving average of $23.65.

Institutional Investors Weigh In On Sable Offshore

Institutional investors and hedge funds have recently modified their holdings of the company. Summit Securities Group LLC purchased a new position in Sable Offshore during the 4th quarter worth approximately $53,000. IFP Advisors Inc acquired a new stake in shares of Sable Offshore in the fourth quarter worth $81,000. ORG Wealth Partners LLC purchased a new position in shares of Sable Offshore during the fourth quarter worth $106,000. Salem Investment Counselors Inc. lifted its position in Sable Offshore by 81.8% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock valued at $114,000 after purchasing an additional 2,250 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in Sable Offshore during the fourth quarter valued at $144,000. 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.