Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price dropped 5.6% on Monday . The company traded as low as $21.01 and last traded at $21.02. Approximately 231,048 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 657,446 shares. The stock had previously closed at $22.27.
Analyst Upgrades and Downgrades
A number of research analysts have commented on SOC shares. Benchmark reiterated a "buy" rating and issued a $37.00 price objective on shares of Sable Offshore in a research report on Monday, October 7th. BWS Financial reiterated a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. Jefferies Financial Group lifted their price objective on Sable Offshore from $19.00 to $32.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. Johnson Rice assumed coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They set a "buy" rating and a $30.00 target price on the stock. Finally, Pickering Energy Partners initiated coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They set an "outperform" rating for the company. One 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.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $25.00.
Read Our Latest Stock Analysis on SOC
Sable Offshore Stock Performance
The business's 50-day moving average is $21.69 and its two-hundred day moving average is $19.22. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.
Hedge Funds Weigh In On Sable Offshore
Several institutional investors and hedge funds have recently made changes to their positions in SOC. Amalgamated Bank acquired a new position in Sable Offshore in the second quarter valued at about $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Sable Offshore during the 2nd quarter worth approximately $86,000. US Bancorp DE raised its holdings in Sable Offshore by 340.4% during the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company's stock worth $115,000 after buying an additional 3,758 shares during the period. Covestor Ltd bought a new position in Sable Offshore in the third quarter valued at approximately $130,000. Finally, Spartan Fund Management Inc. acquired a new position in shares of Sable Offshore in the second quarter valued at approximately $162,000. Institutional investors and hedge funds own 26.19% of the company's stock.
Sable Offshore Company Profile
(
Get Free Report)
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.
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