Sable Offshore (NYSE:SOC) Trading Down 7.5% - What's Next?

Sable Offshore Corp. (NYSE:SOC - Get Free Report) dropped 7.5% on Wednesday . The company traded as low as $23.05 and last traded at $23.50. Approximately 691,994 shares changed 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.

Analysts Set New Price Targets

Several research firms have weighed in on SOC. Johnson Rice started coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a "buy" rating and a $30.00 price objective on the stock. BWS Financial reaffirmed a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, Pickering Energy Partners began coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They set an "outperform" rating on the stock. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Sable Offshore presently has a consensus rating of "Moderate Buy" and a consensus target price of $25.00.

Sable Offshore Trading Up 6.9 %

The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The stock has a 50-day simple moving average of $23.24 and a 200-day simple moving average of $21.40.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Sable Offshore by 31.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company's stock valued at $179,000 after acquiring an additional 1,830 shares in the last quarter. Salem Investment Counselors Inc. raised its position in Sable Offshore by 81.8% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company's stock valued at $114,000 after purchasing an additional 2,250 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Sable Offshore by 5.0% during the fourth quarter. Rhumbline Advisers now owns 66,413 shares of the company's stock valued at $1,521,000 after purchasing an additional 3,140 shares in the last quarter. IFP Advisors Inc bought a new stake in shares of Sable Offshore during the fourth quarter worth about $81,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Sable Offshore by 9.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 39,248 shares of the company's stock valued at $927,000 after buying an additional 3,531 shares during the period. 26.19% of the stock is 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.