Sable Offshore Corp. (NYSE:SOC) Short Interest Update

Sable Offshore Corp. (NYSE:SOC - Get Free Report) saw a significant drop in short interest during the month of January. As of January 15th, there was short interest totalling 6,200,000 shares, a drop of 12.4% from the December 31st total of 7,080,000 shares. Based on an average daily trading volume, of 1,290,000 shares, the days-to-cover ratio is presently 4.8 days. Approximately 10.7% of the company's stock are short sold.

Sable Offshore Price Performance

SOC traded down $2.82 on Wednesday, hitting $22.60. 1,914,478 shares of the company were exchanged, compared to its average volume of 1,110,346. Sable Offshore has a twelve month low of $10.11 and a twelve month high of $29.80. 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 price of $23.28 and a two-hundred day moving average price of $21.22.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Johnson Rice assumed coverage on Sable Offshore in a research note on Tuesday, November 5th. They issued a "buy" rating and a $30.00 price target for the company. Pickering Energy Partners assumed coverage on Sable Offshore in a report on Tuesday, December 17th. They issued an "outperform" rating on the stock. Finally, BWS Financial reissued a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $25.00.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors have recently bought and sold shares of SOC. JPMorgan Chase & Co. lifted its holdings in Sable Offshore by 153.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company's stock valued at $2,836,000 after purchasing an additional 72,694 shares in the last quarter. Barclays PLC increased its position in 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 purchasing an additional 60,065 shares in the last quarter. GM Advisory Group LLC increased its position in Sable Offshore by 370.3% during the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company's stock worth $12,051,000 after purchasing an additional 401,559 shares in the last quarter. Corsair Capital Management L.P. acquired a new stake in Sable Offshore in the third quarter valued at approximately $591,000. Finally, Geode Capital Management LLC grew its position in Sable Offshore by 2.6% in the third quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company's stock valued at $24,844,000 after acquiring an additional 26,934 shares in the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

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.