Sable Offshore (NYSE:SOC) Shares Gap Down – Time to Sell?

by · The Markets Daily

Shares of Sable Offshore Corp. (NYSE:SOC – Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $20.47, but opened at $19.61. Sable Offshore shares last traded at $19.78, with a volume of 183,065 shares trading hands.

Analyst Ratings Changes

Several analysts recently weighed in on SOC shares. Roth Capital set a $30.00 target price on Sable Offshore in a research note on Thursday, March 27th. Roth Mkm began coverage on shares of Sable Offshore in a report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price target for the company. BWS Financial reissued a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, March 18th. Finally, Benchmark restated a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Sable Offshore presently has an average rating of “Moderate Buy” and a consensus price target of $27.50.

View Our Latest Report on Sable Offshore

Sable Offshore Trading Down 4.0 %

The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. The firm has a 50 day simple moving average of $22.45 and a two-hundred day simple moving average of $23.18.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm’s stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the sale, the insider now owns 10,100,569 shares of the company’s stock, valued at approximately $256,251,435.53. This trade represents a 1.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Institutional investors have recently modified their holdings of the business. Invesco Ltd. lifted its position in shares of Sable Offshore by 2.7% in the fourth quarter. Invesco Ltd. now owns 26,030 shares of the company’s stock worth $596,000 after purchasing an additional 679 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Sable Offshore by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company’s stock valued at $658,000 after purchasing an additional 1,000 shares during the period. MetLife Investment Management LLC grew its stake in shares of Sable Offshore by 5.5% in the fourth quarter. MetLife Investment Management LLC now owns 31,240 shares of the company’s stock valued at $715,000 after acquiring an additional 1,634 shares in the last quarter. Salem Investment Counselors Inc. increased its holdings in shares of Sable Offshore by 81.8% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after purchasing an additional 2,250 shares during the period. Finally, Summit Securities Group LLC bought a new position in shares of Sable Offshore in the fourth quarter worth $53,000. Institutional investors own 26.19% of the company’s stock.

About Sable Offshore

(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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