Sable Offshore (NYSE:SOC) Stock Price Down 5.6% – Time to Sell?

Shares of Sable Offshore Corp. (NYSE:SOC) traded down 5.6% on Monday . The stock traded as low as $21.01 and last traded at $21.02. 231,048 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 657,446 shares. The stock had previously closed at $22.27.

Wall Street Analysts Forecast Growth

SOC has been the subject of several research analyst reports. Benchmark reiterated a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research report on Monday, October 7th. BWS Financial reiterated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Wednesday, November 27th. Jefferies Financial Group raised their price target on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Johnson Rice began coverage on Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price objective for the company. Finally, Pickering Energy Partners assumed coverage on Sable Offshore in a research report on Tuesday, December 17th. They issued an “outperform” rating for the company. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $25.00.

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 firm has a 50-day moving average of $21.69 and a 200-day moving average of $19.22.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Amalgamated Bank purchased a new stake in Sable Offshore during the 2nd quarter valued at $26,000. US Bancorp DE increased its position in shares of Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after buying an additional 3,758 shares during the period. Covestor Ltd purchased a new stake in Sable Offshore in the third quarter worth about $130,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Sable Offshore during the 2nd quarter valued at approximately $86,000. Finally, Intech Investment Management LLC purchased a new position in shares of Sable Offshore during the 3rd quarter worth approximately $245,000. 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.