Sable Offshore (NYSE:SOC) Shares Gap Down - What's Next?

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s stock price 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 traded.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SOC shares. Pickering Energy Partners started coverage on Sable Offshore in a research note on Tuesday, December 17th. They set an "outperform" rating on the stock. Benchmark reissued a "buy" rating and set a $37.00 price target on shares of Sable Offshore in a research report on Thursday, February 20th. Johnson Rice initiated coverage on Sable Offshore in a research note on Tuesday, November 5th. They set a "buy" rating and a $30.00 price objective on the stock. Finally, BWS Financial reiterated a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $25.00.

Sable Offshore Stock Down 0.5 %

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 stock has a 50-day moving average of $24.93 and a 200-day moving average of $22.36.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors have recently modified their holdings of the company. Summit Securities Group LLC acquired a new position in Sable Offshore during the 4th quarter valued at about $53,000. IFP Advisors Inc bought a new position in Sable Offshore in the 4th quarter worth approximately $81,000. ORG Wealth Partners LLC acquired a new stake in Sable Offshore in the 4th quarter valued at approximately $106,000. Salem Investment Counselors Inc. increased its position in Sable Offshore by 81.8% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company's stock valued at $114,000 after acquiring an additional 2,250 shares during the period. Finally, US Bancorp DE raised its stake in Sable Offshore by 340.4% during the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company's stock valued at $115,000 after acquiring an additional 3,758 shares in the last quarter. 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.