Sable Offshore Corp. (NYSE:SOC) Sees Large Growth in Short Interest

Sable Offshore Corp. (NYSE:SOC - Get Free Report) saw a significant increase in short interest in the month of February. As of February 15th, there was short interest totalling 7,290,000 shares, an increase of 20.1% from the January 31st total of 6,070,000 shares. Based on an average daily volume of 1,420,000 shares, the short-interest ratio is presently 5.1 days. Approximately 12.6% of the company's shares are sold short.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently bought and sold shares of SOC. JPMorgan Chase & Co. grew its stake in shares of Sable Offshore by 153.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company's stock worth $2,836,000 after acquiring an additional 72,694 shares in the last quarter. Americana Partners LLC acquired a new stake in Sable Offshore in the 4th quarter valued at $309,000. Y Intercept Hong Kong Ltd acquired a new stake in Sable Offshore in the 4th quarter valued at $354,000. Bleakley Financial Group LLC bought a new stake in Sable Offshore during the 4th quarter worth about $1,562,000. Finally, Barclays PLC boosted its stake in shares of Sable Offshore by 342.9% during the 3rd quarter. Barclays PLC now owns 77,583 shares of the company's stock worth $1,832,000 after buying an additional 60,065 shares during the last quarter. Institutional investors and hedge funds own 26.19% of the company's stock.

Sable Offshore Trading Down 6.4 %

Shares of SOC traded down $1.55 during midday trading on Monday, hitting $22.61. The stock had a trading volume of 1,664,833 shares, compared to its average volume of 1,487,723. 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 company has a 50 day simple moving average of $25.63 and a two-hundred day simple moving average of $23.08. Sable Offshore has a twelve month low of $10.11 and a twelve month high of $32.33.

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Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SOC. Benchmark reissued a "buy" rating and issued a $37.00 price target on shares of Sable Offshore in a report on Thursday, February 20th. BWS Financial restated a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. Finally, Pickering Energy Partners assumed coverage on Sable Offshore in a report on Tuesday, December 17th. They set an "outperform" rating on the stock. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $26.25.

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.