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

BWS Financial reissued their sell rating on shares of Sable Offshore (NYSE:SOC) in a research note released on Wednesday morning,Benzinga reports. BWS Financial currently has a $6.00 target price on the stock.

A number of other equities analysts have also recently weighed in on the company. Benchmark reissued a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a report on Monday, October 7th. Johnson Rice started coverage on Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective on the stock. Finally, Jefferies Financial Group raised their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Stock Performance

NYSE:SOC opened at $23.48 on Wednesday. The business’s 50-day moving average price is $22.31 and its two-hundred day moving average price is $18.43. Sable Offshore has a twelve month low of $10.11 and a twelve month high of $28.67. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Insiders Place Their Bets

In related news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were acquired at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the purchase, the insider now directly owns 8,791,001 shares of the company’s stock, valued at approximately $175,820,020. This trade represents a 9.33 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 14.30% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Large investors have recently made changes to their positions in the business. Amalgamated Bank bought a new stake in shares of Sable Offshore in the 2nd quarter worth approximately $26,000. US Bancorp DE grew its position in shares of Sable Offshore by 340.4% in the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after buying an additional 3,758 shares during the last quarter. Covestor Ltd bought a new stake in shares of Sable Offshore in the 3rd quarter worth approximately $130,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Sable Offshore during the second quarter valued at approximately $86,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Sable Offshore by 31.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock valued at $179,000 after purchasing an additional 1,830 shares in the last quarter. 26.19% of the stock is currently owned by institutional investors.

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.