Sable Offshore (NYSE:SOC) Shares Down 13.7% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shares were down 13.7% on Thursday . The stock traded as low as $17.00 and last traded at $17.05. Approximately 2,113,962 shares were traded during trading, an increase of 102% from the average daily volume of 1,045,453 shares. The stock had previously closed at $19.76.

Wall Street Analysts Forecast Growth

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

Sable Offshore Stock 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 stock has a fifty day moving average of $25.05 and a 200-day moving average of $23.52.

Institutional Trading of Sable Offshore

Several hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Sable Offshore by 6.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company’s stock valued at $9,111,000 after buying an additional 21,794 shares during the period. BNP Paribas Financial Markets boosted its holdings in Sable Offshore by 127.5% during the third quarter. BNP Paribas Financial Markets now owns 35,413 shares of the company’s stock worth $837,000 after buying an additional 19,847 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Sable Offshore by 9.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 39,248 shares of the company’s stock worth $927,000 after buying an additional 3,531 shares during the period. State Street Corp lifted its position in shares of Sable Offshore by 74.3% during the 3rd 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 during the period. Finally, XTX Topco Ltd acquired a new stake in shares of Sable Offshore in the 3rd quarter worth approximately $406,000. Institutional investors and hedge funds 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.