Sable Offshore (NYSE:SOC) Shares Gap Down - Time to Sell?

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $31.31, but opened at $29.27. Sable Offshore shares last traded at $29.65, with a volume of 41,154 shares changing hands.

Analyst Ratings Changes

A number of research analysts have weighed in on SOC shares. BWS Financial reaffirmed a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a report on Wednesday, November 27th. Johnson Rice began coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They set a "buy" rating and a $30.00 target price for the company. Benchmark reissued a "buy" rating and set a $37.00 target price on shares of Sable Offshore in a research note on Thursday. Finally, Pickering Energy Partners began coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They set an "outperform" rating for the company. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Sable Offshore has an average rating of "Moderate Buy" and a consensus price target of $25.00.

Sable Offshore Price Performance

The business's 50 day moving average price is $24.78 and its 200 day moving average price is $22.13. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors and hedge funds have recently bought and sold shares of SOC. Himalaya Capital Management LLC acquired a new position in Sable Offshore during the third quarter worth about $31,735,000. Encompass Capital Advisors LLC boosted its position in Sable Offshore by 128.9% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock worth $32,060,000 after acquiring an additional 788,495 shares during the last quarter. State Street Corp boosted its position in Sable Offshore by 74.3% during the third quarter. State Street Corp now owns 1,589,395 shares of the company's stock worth $37,557,000 after acquiring an additional 677,426 shares during the last quarter. Vanguard Group Inc. boosted its position in Sable Offshore by 23.6% during the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock worth $79,832,000 after acquiring an additional 665,407 shares during the last quarter. Finally, GM Advisory Group LLC boosted its position in Sable Offshore by 370.3% during the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company's stock worth $12,051,000 after acquiring an additional 401,559 shares during the last quarter. 26.19% of the stock is currently 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.