Sable Offshore (NYSE:SOC) Earns Sell Rating from BWS Financial

Sable Offshore (NYSE:SOC)‘s stock had its “sell” rating reissued by stock analysts at BWS Financial in a report issued on Tuesday,Benzinga reports. They presently have a $6.00 target price on the stock. BWS Financial’s target price points to a potential downside of 79.05% from the stock’s previous close.

Several other analysts have also weighed in on SOC. Benchmark reissued a “buy” rating on shares of Sable Offshore in a report on Tuesday, March 18th. Roth Mkm initiated coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They set a “buy” rating and a $30.00 price target on the stock. Finally, Roth Capital set a $30.00 price objective on shares of Sable Offshore in a research note on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Sable Offshore presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.50.

Sable Offshore Stock Up 2.1%

NYSE SOC opened at $28.64 on Tuesday. The company’s fifty day moving average is $22.04 and its two-hundred day moving average is $23.32. Sable Offshore has a 52-week low of $11.76 and a 52-week high of $32.33. 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 (NYSE:SOC) last released its earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.63). The company had revenue of $78.00 million during the quarter, compared to analyst estimates of $21.00 million. On average, sell-side analysts anticipate that Sable Offshore will post -6.39 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SOC. Encompass Capital Advisors LLC increased its holdings in Sable Offshore by 128.9% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock valued at $32,060,000 after purchasing an additional 788,495 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Sable Offshore by 23.6% in the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock valued at $79,832,000 after buying an additional 665,407 shares in the last quarter. Emerald Advisers LLC bought a new position in shares of Sable Offshore in the fourth quarter valued at about $6,700,000. Harraden Circle Investments LLC acquired a new position in Sable Offshore during the 4th quarter worth about $5,038,000. Finally, Bridgewater Associates LP bought a new stake in Sable Offshore during the 4th quarter worth about $4,693,000. 26.19% of the stock is owned by institutional investors and hedge funds.

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.