Sable Offshore (NYSE:SOC) Shares Down 14% – Should You Sell?

Sable Offshore Corp. (NYSE:SOC)’s stock price was down 14% during mid-day trading 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

Several research firms recently weighed in on SOC. BWS Financial reiterated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Capital set a $30.00 price objective on Sable Offshore in a research report on Thursday, March 27th. Pickering Energy Partners began coverage on Sable Offshore in a research report on Tuesday, December 17th. They set an “outperform” rating on the stock. Roth Mkm began coverage on Sable Offshore in a research report on Thursday, March 27th. They issued a “buy” rating and a $30.00 target price for the company. Finally, Benchmark reiterated a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th. 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.50.

Sable Offshore Trading Down 14.6 %

The company has a 50 day moving average of $25.97 and a 200 day moving average of $23.81. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Institutional Investors Weigh In On Sable Offshore

Large investors have recently made changes to their positions in the company. Summit Securities Group LLC bought a new position in Sable Offshore during the 4th quarter valued at about $53,000. IFP Advisors Inc bought a new position in shares of Sable Offshore in the fourth quarter valued at approximately $81,000. ORG Wealth Partners LLC bought a new position in shares of Sable Offshore in the fourth quarter valued at approximately $106,000. Salem Investment Counselors Inc. boosted its holdings in shares of Sable Offshore by 81.8% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after acquiring an additional 2,250 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in Sable Offshore during the 4th quarter worth approximately $144,000. 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.