Sable Offshore’s (SOC) Sell Rating Reiterated at BWS Financial

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

Other analysts have also issued reports about the company. Johnson Rice initiated coverage on Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price on the stock. Benchmark restated a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. Finally, Jefferies Financial Group boosted their target price on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Price Performance

Shares of Sable Offshore stock opened at $21.59 on Friday. The business’s fifty day simple moving average is $22.36 and its 200 day simple moving average is $17.61. Sable Offshore has a 12 month low of $10.11 and a 12 month high of $28.67. The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 750,000 shares of Sable Offshore stock in a transaction that occurred on Thursday, September 19th. The stock was acquired at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the transaction, the insider now directly owns 8,791,001 shares in the company, valued at $175,820,020. This represents a 9.33 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 14.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GM Advisory Group LLC purchased a new position in shares of Sable Offshore in the 2nd quarter worth about $1,634,000. Sentry Investment Management LLC purchased a new position in shares of Sable Offshore in the 3rd quarter worth about $575,000. Bank of New York Mellon Corp purchased a new position in shares of Sable Offshore in the 2nd quarter worth about $2,154,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Sable Offshore in the 3rd quarter worth about $406,000. Finally, Amalgamated Bank purchased a new position in shares of Sable Offshore in the 2nd quarter worth about $26,000. 26.19% of the stock is currently owned by hedge funds and other 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.