Sable Offshore (NYSE:SOC) Stock Price Down 6.3% - Should You Sell?

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price was down 6.3% during mid-day trading on Tuesday . The company traded as low as $24.09 and last traded at $24.46. Approximately 1,038,234 shares changed hands during trading, a decline of 26% from the average daily volume of 1,401,487 shares. The stock had previously closed at $26.11.

Analysts Set New Price Targets

Several research firms have weighed in on SOC. Pickering Energy Partners began coverage on shares of Sable Offshore in a report on Tuesday, December 17th. They issued an "outperform" rating for the company. Benchmark reaffirmed a "buy" rating and set a $37.00 price target on shares of Sable Offshore in a research report on Thursday, February 20th. Finally, BWS Financial reiterated a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $26.25.

Sable Offshore Stock Down 1.3 %

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 of $25.63 and a 200 day moving average of $22.90.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Himalaya Capital Management LLC bought a new position in Sable Offshore during the 3rd quarter worth $31,735,000. Encompass Capital Advisors LLC raised its position in shares of 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 lifted its stake in shares of Sable Offshore by 74.3% in 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. Vanguard Group Inc. boosted its holdings in Sable Offshore by 23.6% in the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock valued at $79,832,000 after acquiring an additional 665,407 shares during the last quarter. Finally, 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 valued at $12,051,000 after purchasing an additional 401,559 shares during the period. 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.