Sable Offshore (NYSE:SOC) Earns Sell Rating from Analysts at BWS Financial

BWS Financial started coverage on shares of Sable Offshore (NYSE:SOC) in a research note issued on Tuesday, Briefing.com reports. The brokerage set a “sell” rating and a $6.00 price target on the stock. BWS Financial’s price target would indicate a potential downside of 73.94% from the stock’s previous close.

A number of other brokerages have also commented on SOC. Jefferies Financial Group lifted their price target on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Benchmark reiterated a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a report on Monday.

Sable Offshore Stock Performance

SOC stock opened at $23.02 on Tuesday. The company has a debt-to-equity ratio of 6.48, a current ratio of 2.73 and a quick ratio of 2.46. The firm has a 50-day moving average price of $19.44 and a 200-day moving average price of $15.46. Sable Offshore has a 12 month low of $10.11 and a 12 month high of $28.67.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($0.39) by ($2.36). Research analysts expect that Sable Offshore will post -2.82 EPS for the current year.

Insider Activity

In other news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the stock in a transaction on Thursday, September 19th. The stock was purchased at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the acquisition, the insider now owns 8,791,001 shares in the company, valued at $175,820,020. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new stake in Sable Offshore in the third quarter valued at $412,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Sable Offshore in the 2nd quarter valued at about $324,000. GM Advisory Group LLC bought a new stake in Sable Offshore in the 2nd quarter valued at about $1,634,000. Amalgamated Bank acquired a new position in Sable Offshore during the 2nd quarter worth approximately $26,000. Finally, Rhumbline Advisers bought a new position in Sable Offshore in the second quarter worth approximately $862,000. 26.19% of the stock is owned by institutional investors and hedge funds.

About Sable Offshore

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.