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

Sable Offshore Corp. (NYSE:SOC)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $31.31, but opened at $29.27. Sable Offshore shares last traded at $29.65, with a volume of 41,154 shares trading hands.

Analyst Ratings Changes

Several research firms have recently weighed in on SOC. Pickering Energy Partners initiated coverage on Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating on the stock. Benchmark reissued a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a research report on Thursday. BWS Financial reissued a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Wednesday, November 27th. Finally, Johnson Rice initiated coverage on Sable Offshore in a research report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 target price on the stock. One research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $25.00.

Sable Offshore Trading Down 3.1 %

The company has a 50-day simple moving average of $24.62 and a two-hundred day simple moving average of $22.04. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in shares of Sable Offshore by 153.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company’s stock worth $2,836,000 after purchasing an additional 72,694 shares during the last quarter. Americana Partners LLC acquired a new position in shares of Sable Offshore during the 4th quarter worth approximately $309,000. Bleakley Financial Group LLC acquired a new position in shares of Sable Offshore during the 4th quarter worth approximately $1,562,000. Barclays PLC increased its position in shares of Sable Offshore by 342.9% during the 3rd quarter. Barclays PLC now owns 77,583 shares of the company’s stock worth $1,832,000 after purchasing an additional 60,065 shares during the last quarter. Finally, GM Advisory Group LLC increased its position in shares of Sable Offshore by 370.3% during the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after purchasing an additional 401,559 shares during the last quarter. Institutional investors and hedge funds 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.