Sable Offshore (NYSE:SOC) Shares Down 2.2% – What’s Next?

Sable Offshore Corp. (NYSE:SOC) fell 2.2% during trading on Monday . The stock traded as low as $24.25 and last traded at $24.58. 87,459 shares changed hands during trading, a decline of 91% from the average session volume of 946,708 shares. The stock had previously closed at $25.12.

Analyst Upgrades and Downgrades

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

Sable Offshore Stock Performance

The stock’s 50-day moving average is $25.88 and its two-hundred day moving average is $23.59. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SOC. Vanguard Group Inc. lifted its stake in Sable Offshore by 23.6% in the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock worth $79,832,000 after acquiring an additional 665,407 shares during the period. State Street Corp raised its holdings in Sable Offshore by 74.3% in the third quarter. State Street Corp now owns 1,589,395 shares of the company’s stock worth $37,557,000 after purchasing an additional 677,426 shares in the last quarter. Encompass Capital Advisors LLC boosted its holdings in shares of Sable Offshore by 128.9% in the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock valued at $32,060,000 after buying an additional 788,495 shares in the last quarter. Himalaya Capital Management LLC bought a new position in shares of Sable Offshore during the 3rd quarter worth approximately $31,735,000. Finally, Geode Capital Management LLC boosted its stake in Sable Offshore by 16.9% in the fourth quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company’s stock valued at $28,155,000 after acquiring an additional 177,971 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.