Sable Offshore (NYSE:SOC) Given Sell Rating at BWS Financial

BWS Financial reissued their sell rating on shares of Sable Offshore (NYSE:SOC) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $6.00 price target on the stock.

Several other research analysts also recently weighed in on the stock. Johnson Rice initiated coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price for the company. Benchmark reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a research note on Monday, October 7th. Finally, Jefferies Financial Group lifted their target price on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Stock Down 1.7 %

Shares of NYSE:SOC opened at $23.50 on Wednesday. Sable Offshore has a 12-month low of $10.11 and a 12-month high of $28.67. The stock has a 50 day moving average of $22.31 and a 200 day moving average of $18.38. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the stock in a transaction on Thursday, September 19th. The stock was acquired at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the transaction, the insider now directly owns 8,791,001 shares of the company’s stock, valued at $175,820,020. This trade represents a 9.33 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Amalgamated Bank purchased a new stake in Sable Offshore during the second quarter valued at approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Sable Offshore during the 2nd quarter valued at approximately $86,000. US Bancorp DE lifted its position in Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after buying an additional 3,758 shares during the last quarter. Covestor Ltd bought a new position in Sable Offshore during the third quarter valued at $130,000. Finally, Spartan Fund Management Inc. bought a new stake in shares of Sable Offshore in the 2nd quarter worth about $162,000. 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.