Sable Offshore (NYSE:SOC) Shares Gap Down – Should You Sell?

Sable Offshore Corp. (NYSE:SOC)’s share price gapped down before the market opened on Monday . The stock had previously closed at $20.16, but opened at $19.50. Sable Offshore shares last traded at $19.17, with a volume of 192,768 shares traded.

Analysts Set New Price Targets

SOC has been the topic of a number of recent research reports. Roth Mkm assumed coverage on Sable Offshore in a report on Thursday, March 27th. They issued a “buy” rating and a $30.00 target price on the stock. Roth Capital set a $30.00 price objective on shares of Sable Offshore in a research report on Thursday, March 27th. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a report on Tuesday, March 18th. Finally, BWS Financial reissued a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a report on Tuesday, March 18th. One investment 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 price target of $27.50.

Sable Offshore Stock Down 6.5 %

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 firm’s 50-day moving average is $24.44 and its 200 day moving average is $23.27.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. FNY Investment Advisers LLC grew its stake in shares of Sable Offshore by 1,190.1% in the first quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company’s stock valued at $382,000 after buying an additional 13,924 shares in the last quarter. Simplicity Wealth LLC bought a new stake in shares of Sable Offshore in the 1st quarter worth about $336,000. Rhumbline Advisers raised its stake in shares of Sable Offshore by 8.1% in the 1st quarter. Rhumbline Advisers now owns 71,815 shares of the company’s stock valued at $1,822,000 after purchasing an additional 5,402 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Sable Offshore by 2,920.0% during the 1st quarter. GAMMA Investing LLC now owns 31,408 shares of the company’s stock worth $797,000 after buying an additional 30,368 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in shares of Sable Offshore by 29.0% in the 4th quarter. California State Teachers Retirement System now owns 31,856 shares of the company’s stock worth $730,000 after acquiring an additional 7,152 shares in the last quarter. 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.