Sable Offshore (NYSE:SOC) Now Covered by BWS Financial

Equities researchers at BWS Financial assumed coverage on shares of Sable Offshore (NYSE:SOC) in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm set a “sell” rating and a $6.00 price target on the stock. BWS Financial’s price objective would indicate a potential downside of 69.12% from the company’s current price.

Several other brokerages also recently commented on SOC. Jefferies Financial Group upped their target price on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Benchmark reissued a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a research note on Monday.

Sable Offshore Price Performance

Shares of NYSE SOC opened at $19.43 on Tuesday. Sable Offshore has a 12 month low of $10.11 and a 12 month high of $28.67. The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48. The business has a fifty day simple moving average of $19.57 and a 200-day simple moving average of $15.56.

Sable Offshore (NYSE:SOC) last announced its earnings results on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($0.39) by ($2.36). On average, research analysts predict that Sable Offshore will post -2.82 earnings per share for the current fiscal year.

Insider Activity 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 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 purchase, the insider now directly owns 8,791,001 shares in the company, valued at $175,820,020. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 14.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Amalgamated Bank acquired a new position in Sable Offshore in the 2nd quarter valued at approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Sable Offshore in the second quarter valued at $86,000. Spartan Fund Management Inc. bought a new position in Sable Offshore in the second quarter worth $162,000. SG Americas Securities LLC acquired a new stake in Sable Offshore during the third quarter worth $412,000. Finally, Walleye Trading LLC bought a new stake in Sable Offshore in the 1st quarter valued at $235,000. 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.