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

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s stock price gapped down before the market opened on Friday . The stock had previously closed at $22.49, but opened at $21.30. Sable Offshore shares last traded at $21.88, with a volume of 504,836 shares.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SOC. Jefferies Financial Group raised their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. BWS Financial restated a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Friday. Benchmark reaffirmed a "buy" rating and set a $37.00 price target on shares of Sable Offshore in a research report on Monday, October 7th. Finally, Johnson Rice assumed coverage on Sable Offshore in a report on Tuesday, November 5th. They issued a "buy" rating and a $30.00 price objective for the company. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $25.00.

Sable Offshore Stock Performance

The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48. The business has a 50-day simple moving average of $22.36 and a two-hundred day simple moving average of $17.51.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($2.36). On average, analysts anticipate that Sable Offshore Corp. will post -3.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim acquired 750,000 shares of Sable Offshore stock in a transaction dated Thursday, September 19th. The stock was bought at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the insider now directly owns 8,791,001 shares in the company, valued at approximately $175,820,020. The trade was a 9.33 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 14.30% of the company's stock.

Institutional Trading of Sable Offshore

Several institutional investors have recently added to or reduced their stakes in the company. Fayez Sarofim & Co bought a new position in Sable Offshore during the 1st quarter worth $32,880,000. State Street Corp increased 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 period. Himalaya Capital Management LLC acquired a new stake in Sable Offshore in the 3rd quarter worth about $31,735,000. GM Advisory Group LLC raised its stake in Sable Offshore by 370.3% in 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. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Sable Offshore by 6.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 385,567 shares of the company's stock valued at $9,111,000 after purchasing an additional 21,794 shares during the period. 26.19% of the stock is currently owned by institutional investors.

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.