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

Sable Offshore (NYSE:SOC)‘s stock had its “sell” rating restated by BWS Financial in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $6.00 target price on the stock. BWS Financial’s target price would suggest a potential downside of 75.83% from the stock’s previous close.

Several other equities research analysts have also commented on SOC. Benchmark reissued a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research note on Thursday, February 20th. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $26.25.

Sable Offshore Price Performance

Shares of NYSE SOC traded down $0.54 during midday trading on Tuesday, hitting $24.83. 142,209 shares of the company traded hands, compared to its average volume of 1,414,716. Sable Offshore has a 12-month low of $10.11 and a 12-month high of $32.33. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The stock has a 50-day moving average price of $25.67 and a 200 day moving average price of $23.43.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Summit Securities Group LLC purchased a new position in shares of Sable Offshore during the fourth quarter valued at approximately $53,000. IFP Advisors Inc purchased a new stake in Sable Offshore during the fourth quarter valued at approximately $81,000. ORG Wealth Partners LLC purchased a new stake in Sable Offshore during the fourth quarter valued at approximately $106,000. Salem Investment Counselors Inc. increased its stake in shares of Sable Offshore by 81.8% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after purchasing an additional 2,250 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Sable Offshore during the fourth quarter worth $144,000. 26.19% of the stock is 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.