Sable Offshore (NYSE:SOC) Stock Price Down 13.7% – Time to Sell?

Sable Offshore Corp. (NYSE:SOC) shares dropped 13.7% on Thursday . The stock traded as low as $17.00 and last traded at $17.05. Approximately 2,113,962 shares were traded during mid-day trading, an increase of 102% from the average daily volume of 1,045,453 shares. The stock had previously closed at $19.76.

Wall Street Analysts Forecast Growth

SOC has been the topic of a number of recent analyst reports. Benchmark reissued a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Roth Capital set a $30.00 price target on Sable Offshore in a report on Thursday, March 27th. Pickering Energy Partners initiated coverage on shares of Sable Offshore in a research report on Tuesday, December 17th. They set an “outperform” rating on the stock. BWS Financial reaffirmed a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Roth Mkm started coverage on Sable Offshore in a research report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Sable Offshore currently has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Sable Offshore Stock Up 6.1 %

The business’s 50-day moving average is $24.76 and its 200-day moving average is $23.43. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Institutional Trading of Sable Offshore

A number of hedge funds and other institutional investors have recently made changes to their positions in SOC. Rhumbline Advisers increased its position in Sable Offshore by 8.1% in the 1st quarter. Rhumbline Advisers now owns 71,815 shares of the company’s stock valued at $1,822,000 after acquiring an additional 5,402 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Sable Offshore by 2,920.0% during the 1st quarter. GAMMA Investing LLC now owns 31,408 shares of the company’s stock worth $797,000 after buying an additional 30,368 shares in the last quarter. California State Teachers Retirement System boosted its position in Sable Offshore by 29.0% in the 4th quarter. California State Teachers Retirement System now owns 31,856 shares of the company’s stock valued at $730,000 after buying an additional 7,152 shares during the last quarter. Toronto Dominion Bank acquired a new stake in shares of Sable Offshore in the 4th quarter valued at $344,000. Finally, GF Fund Management CO. LTD. bought a new stake in shares of Sable Offshore during the fourth quarter worth $451,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

About Sable Offshore

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.