Sable Offshore (NYSE:SOC) Stock Price Down 3.8% – Time to Sell?

Sable Offshore Corp. (NYSE:SOC)’s stock price traded down 3.8% during trading on Friday . The company traded as low as $24.42 and last traded at $24.42. 658,565 shares traded hands during mid-day trading, an increase of 43% from the average session volume of 460,867 shares. The stock had previously closed at $25.39.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Jefferies Financial Group lifted their price target on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Benchmark lifted their price target on Sable Offshore from $24.00 to $37.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th.

Sable Offshore Price Performance

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 stock has a 50 day simple moving average of $19.16 and a 200 day simple moving average of $15.23.

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

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim bought 41,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was bought at an average cost of $15.45 per share, for a total transaction of $633,450.00. Following the completion of the purchase, the insider now directly owns 8,041,001 shares in the company, valued at approximately $124,233,465.45. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 14.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently made changes to their positions in SOC. Fayez Sarofim & Co acquired a new position in shares of Sable Offshore during the first quarter worth approximately $32,880,000. Bank of New York Mellon Corp acquired a new position in shares of Sable Offshore during the second quarter worth approximately $2,154,000. GM Advisory Group LLC acquired a new position in shares of Sable Offshore during the second quarter worth approximately $1,634,000. Rhumbline Advisers acquired a new position in shares of Sable Offshore during the second quarter worth approximately $862,000. Finally, Emfo LLC acquired a new position in shares of Sable Offshore during the second quarter worth approximately $371,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.