BWS Financial Reiterates “Sell” Rating for Sable Offshore (NYSE:SOC)

Sable Offshore (NYSE:SOC)‘s stock had its “sell” rating reissued by BWS Financial in a note issued to investors on Friday,Benzinga reports. They presently have a $6.00 target price on the stock. BWS Financial’s price target would indicate a potential downside of 70.94% from the company’s current price.

Several other equities analysts have also commented on SOC. Benchmark reissued a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research report on Monday, October 7th. Jefferies Financial Group boosted their target price on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, Johnson Rice started coverage on Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price target on the stock. One analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Stock Down 8.2 %

Sable Offshore stock traded down $1.84 during midday trading on Friday, reaching $20.65. The stock had a trading volume of 2,348,237 shares, compared to its average volume of 565,811. The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48. Sable Offshore has a 12 month low of $10.11 and a 12 month high of $28.67. The firm’s 50-day moving average price is $22.36 and its 200 day moving average price is $17.41.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($2.36). On average, research analysts predict that Sable Offshore will post -3.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was bought at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the insider now owns 8,791,001 shares in the company, valued at $175,820,020. This represents a 9.33 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 14.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fayez Sarofim & Co acquired a new stake in Sable Offshore during the 1st quarter worth $32,880,000. Walleye Trading LLC acquired a new stake in shares of Sable Offshore in the 1st quarter valued at $235,000. Bank of New York Mellon Corp purchased a new position in shares of Sable Offshore during the second quarter worth about $2,154,000. Emfo LLC acquired a new stake in Sable Offshore during the 2nd quarter worth $371,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Sable Offshore in the second quarter worth $86,000. 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.