Sable Offshore’s (SOC) Sell Rating Reiterated at BWS Financial

Sable Offshore (NYSE:SOC)‘s stock had its “sell” rating restated by BWS Financial in a note issued to investors on Tuesday,Benzinga reports. They presently have a $6.00 price target on the stock. BWS Financial’s price objective would indicate a potential downside of 79.05% from the company’s current price.

Other equities analysts have also issued reports about the stock. Roth Capital set a $30.00 price objective on shares of Sable Offshore in a report on Thursday, March 27th. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Roth Mkm assumed coverage on Sable Offshore in a research report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.50.

Sable Offshore Stock Performance

SOC stock opened at $28.64 on Tuesday. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. Sable Offshore has a twelve month low of $11.76 and a twelve month high of $32.33. The business has a fifty day moving average of $22.04 and a 200-day moving average of $23.32.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The business had revenue of $78.00 million during the quarter, compared to analysts’ expectations of $21.00 million. As a group, equities research analysts predict that Sable Offshore will post -6.39 earnings per share for the current fiscal year.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the transaction, the insider now directly owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. The trade was a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 14.30% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Large investors have recently modified their holdings of the business. Invesco Ltd. grew its position in shares of Sable Offshore by 2.7% in the 4th quarter. Invesco Ltd. now owns 26,030 shares of the company’s stock valued at $596,000 after purchasing an additional 679 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Sable Offshore by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company’s stock valued at $658,000 after buying an additional 1,000 shares in the last quarter. SVB Wealth LLC acquired a new position in shares of Sable Offshore in the first quarter valued at approximately $29,000. Townsquare Capital LLC increased its position in shares of Sable Offshore by 12.3% during the first quarter. Townsquare Capital LLC now owns 11,338 shares of the company’s stock worth $288,000 after acquiring an additional 1,242 shares in the last quarter. Finally, US Bancorp DE raised its holdings in shares of Sable Offshore by 62.2% during the first quarter. US Bancorp DE now owns 3,281 shares of the company’s stock worth $83,000 after acquiring an additional 1,258 shares during the period. 26.19% of the stock is currently owned by institutional investors.

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.