Sable Offshore (NYSE:SOC) Shares Down 7.5% - Here's What Happened

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price was down 7.5% during trading on Wednesday . The company traded as low as $23.05 and last traded at $23.50. Approximately 691,994 shares traded hands during trading, a decline of 37% from the average daily volume of 1,092,053 shares. The stock had previously closed at $25.42.

Wall Street Analyst Weigh In

Several analysts recently 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 research note on Wednesday, November 27th. Johnson Rice initiated coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They issued a "buy" rating and a $30.00 price target on the stock. Finally, Pickering Energy Partners started coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They set an "outperform" rating for the company. 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, Sable Offshore has an average rating of "Moderate Buy" and an average price target of $25.00.

Sable Offshore Stock Down 3.1 %

The firm has a 50-day simple moving average of $23.20 and a 200 day simple moving average of $21.35. 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 large investors have recently modified their holdings of SOC. HighTower Advisors LLC bought a new stake in shares of Sable Offshore in the fourth quarter worth $330,000. BBR Partners LLC grew its position in shares of Sable Offshore by 332.3% in the 4th quarter. BBR Partners LLC now owns 64,842 shares of the company's stock valued at $1,485,000 after buying an additional 49,842 shares during the last quarter. Freestone Capital Holdings LLC acquired a new stake in shares of Sable Offshore in the fourth quarter valued at about $687,000. Raymond James Financial Inc. bought a new position in shares of Sable Offshore during the fourth quarter worth about $1,177,000. Finally, Arizona State Retirement System acquired a new position in shares of Sable Offshore in the fourth quarter worth approximately $217,000. 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.