Sable Offshore (NYSE:SOC) Given "Sell" Rating at BWS Financial
BWS Financial has reaffirmed a "sell" rating for Sable Offshore (NYSE:SOC) with a target price suggesting a potential downside of 70.94%. Other analysts have issued mixed ratings, with Jefferies Financial Group raising their target price and giving a "buy" rating. Sable Offshore's stock performance has been volatile, trading down to $0.65 recently. The company reported a loss of $0.75 EPS in its last quarterly results, missing estimates. Institutional investors have been active, with significant purchases made recently.
Sable Offshore (NYSE:SOC - Get Free Report)'s stock had its "sell" rating reiterated by investment analysts at BWS Financial in a research report issued on Friday,Benzinga reports. They presently have a $6.00 price objective on the stock. BWS Financial's price target suggests a potential downside of 70.94% from the company's current price.
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A number of other equities research analysts have also commented on the company. Jefferies Financial Group upped their target price on Sable Offshore from $19.00 to $32.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. Johnson Rice assumed coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a "buy" rating and a $30.00 target price on the stock. Finally, Benchmark reaffirmed a "buy" rating and issued a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Sable Offshore currently has an average rating of "Moderate Buy" and an average price target of $25.00.
Check Out Our Latest Analysis on Sable Offshore
Sable Offshore Price Performance
SOC traded down $1.84 during trading on Friday, hitting $20.65. 2,348,237 shares of the company traded hands, compared to its average volume of 565,811. The stock's 50-day simple moving average is $22.36 and its two-hundred day simple moving average is $17.41. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $28.67.
Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.39) by ($2.36). On average, sell-side analysts expect that Sable Offshore will post -3.95 EPS for the current fiscal year.
Insider Activity at Sable Offshore
In related news, major shareholder Global Icav Pilgrim purchased 750,000 shares of Sable Offshore stock in a transaction dated Thursday, September 19th. The shares were acquired at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the transaction, the insider now owns 8,791,001 shares of the company's stock, valued at approximately $175,820,020. This trade represents a 9.33 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 14.30% of the company's stock.
Institutional Trading of Sable Offshore
A number of institutional investors have recently made changes to their positions in the stock. Fayez Sarofim & Co bought a new position in Sable Offshore in the 1st quarter worth $32,880,000. Himalaya Capital Management LLC bought a new stake in Sable Offshore in the third quarter valued at about $31,735,000. 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 during the period. GM Advisory Group LLC lifted its holdings 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 valued at $12,051,000 after purchasing an additional 401,559 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Sable Offshore during the second quarter worth about $2,154,000. 26.19% of the stock is owned by institutional investors and hedge funds.
Sable Offshore Company Profile
(Get Free Report)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.
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