Sable Offshore (NYSE:SOC) Earns “Sell” Rating from BWS Financial

Sable Offshore (NYSE:SOC)‘s stock had its “sell” rating restated by equities research analysts at BWS Financial in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $6.00 price target on the stock. BWS Financial’s price objective would indicate a potential downside of 70.94% from the stock’s current price.

Other analysts also recently issued reports about the company. Johnson Rice initiated coverage on Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price objective for the company. Benchmark reiterated a “buy” rating and issued a $37.00 price target on shares of Sable Offshore in a research report on Monday, October 7th. Finally, Jefferies Financial Group raised their price objective on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Stock Down 8.2 %

Shares of NYSE SOC opened at $20.65 on Friday. The firm has a 50 day moving average price of $22.36 and a two-hundred day moving average price of $17.56. Sable Offshore has a 52-week low of $10.11 and a 52-week high of $28.67. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim acquired 41,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were bought at an average price of $15.45 per share, with a total value of $633,450.00. Following the transaction, the insider now directly owns 8,041,001 shares of the company’s stock, valued at $124,233,465.45. This trade represents a 0.51 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 14.30% of the company’s stock.

Institutional Trading of Sable Offshore

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Amalgamated Bank acquired a new stake in Sable Offshore in the second quarter valued at approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Sable Offshore in the 2nd quarter valued at $86,000. US Bancorp DE grew its position in Sable Offshore by 340.4% in the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after purchasing an additional 3,758 shares during the period. Covestor Ltd bought a new stake in Sable Offshore during the 3rd quarter valued at $130,000. Finally, Spartan Fund Management Inc. acquired a new position in Sable Offshore during the second quarter worth $162,000. 26.19% of the stock is owned by institutional investors.

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.