Sable Offshore (NYSE:SOC) Trading Down 7.5% – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s stock price dropped 7.5% during trading on Wednesday . The company traded as low as $23.05 and last traded at $23.50. Approximately 691,994 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 1,092,053 shares. The stock had previously closed at $25.42.

Analyst Ratings Changes

SOC has been the subject of a number of research analyst reports. Johnson Rice assumed coverage on Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target for the company. BWS Financial reaffirmed a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Wednesday, November 27th. Finally, Pickering Energy Partners started coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Price Performance

The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. The company’s 50-day moving average is $23.28 and its two-hundred day moving average is $21.22.

Hedge Funds Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently made changes to their positions in the stock. IFP Advisors Inc acquired a new stake in Sable Offshore in the fourth quarter valued at approximately $81,000. ORG Wealth Partners LLC acquired a new stake in Sable Offshore in the 4th quarter valued at $106,000. US Bancorp DE raised its holdings in Sable Offshore by 340.4% during the third 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. Salem Investment Counselors Inc. grew its holdings in shares of Sable Offshore by 81.8% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock valued at $114,000 after buying an additional 2,250 shares during the last quarter. Finally, Covestor Ltd acquired a new position in Sable Offshore during the 3rd quarter valued at about $130,000. 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.