Sable Offshore (NYSE:SOC) Trading Down 14% – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s share price was down 14% on Friday . The stock traded as low as $18.07 and last traded at $18.64. Approximately 863,410 shares changed hands during trading, a decline of 12% from the average daily volume of 985,350 shares. The stock had previously closed at $21.68.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Benchmark reissued a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Mkm assumed coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They set a “buy” rating and a $30.00 price target on the stock. BWS Financial restated a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, March 18th. Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They set an “outperform” rating on the stock. Finally, Roth Capital set a $30.00 price target on shares of Sable Offshore in a research note on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Sable Offshore currently has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Sable Offshore Price Performance

The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The business has a fifty day moving average of $25.77 and a 200 day moving average of $23.75.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Sable Offshore by 23.6% during the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock worth $79,832,000 after buying an additional 665,407 shares in the last quarter. State Street Corp raised its stake in shares of Sable Offshore by 74.3% in the third quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after acquiring an additional 677,426 shares in the last quarter. Encompass Capital Advisors LLC boosted its holdings in Sable Offshore by 128.9% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock valued at $32,060,000 after purchasing an additional 788,495 shares during the period. Geode Capital Management LLC grew its stake in Sable Offshore by 16.9% during the 4th quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company’s stock worth $28,155,000 after purchasing an additional 177,971 shares in the last quarter. Finally, Greenhaven Road Investment Management L.P. increased its holdings in Sable Offshore by 24.3% during the 4th quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company’s stock worth $14,275,000 after purchasing an additional 121,751 shares during the period. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.