Sable Offshore (NYSE:SOC) Trading Down 2.2% – Should You Sell?

Sable Offshore Corp. (NYSE:SOC) dropped 2.2% during mid-day trading on Monday . The company traded as low as $24.25 and last traded at $24.58. Approximately 87,459 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 946,708 shares. The stock had previously closed at $25.12.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SOC shares. BWS Financial restated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, March 18th. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Pickering Energy Partners started coverage on Sable Offshore in a report on Tuesday, December 17th. They issued an “outperform” rating for the company. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $26.25.

Sable Offshore Trading Down 0.3 %

The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. The stock has a 50-day moving average of $25.88 and a 200 day moving average of $23.59.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SOC. Summit Securities Group LLC purchased a new stake in shares of Sable Offshore in the 4th quarter valued at $53,000. IFP Advisors Inc purchased a new position in Sable Offshore in the fourth quarter valued at $81,000. ORG Wealth Partners LLC acquired a new position in Sable Offshore during the 4th quarter worth $106,000. Salem Investment Counselors Inc. increased its holdings in Sable Offshore by 81.8% during the 4th 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, KLP Kapitalforvaltning AS acquired a new stake in Sable Offshore in the 4th quarter valued at about $144,000. Institutional investors and hedge funds 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.