Sable Offshore (NYSE:SOC) Shares Gap Down – Should You Sell?

Shares of Sable Offshore Corp. (NYSE:SOC) gapped down prior to trading on Friday . The stock had previously closed at $22.49, but opened at $21.30. Sable Offshore shares last traded at $21.88, with a volume of 504,836 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SOC. Benchmark reissued a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. Johnson Rice started coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target on the stock. Jefferies Financial Group lifted their price objective on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, BWS Financial reiterated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a report on Friday. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat, Sable Offshore currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Trading Down 8.2 %

The business has a 50-day simple moving average of $22.36 and a 200-day simple moving average of $17.56. The company has a debt-to-equity ratio of 6.48, a current ratio of 2.73 and a quick ratio of 2.46.

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were bought at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the insider now directly owns 8,791,001 shares in the company, valued at approximately $175,820,020. This represents a 9.33 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SOC. GM Advisory Group LLC acquired a new position in shares of Sable Offshore in the 2nd quarter valued at $1,634,000. Sentry Investment Management LLC purchased a new stake in Sable Offshore in the third quarter valued at $575,000. Bank of New York Mellon Corp purchased a new stake in Sable Offshore in the second quarter valued at $2,154,000. Allspring Global Investments Holdings LLC acquired a new position in Sable Offshore in the third quarter valued at $406,000. Finally, Amalgamated Bank purchased a new position in shares of Sable Offshore during the second quarter worth about $26,000. 26.19% of the stock is owned by institutional investors and hedge funds.

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.