Sable Offshore Corp. (NYSE:SOC) Sees Large Decline in Short Interest

Sable Offshore Corp. (NYSE:SOC - Get Free Report) was the recipient of a large decline in short interest in May. As of May 31st, there was short interest totalling 10,150,000 shares, a decline of 26.8% from the May 15th total of 13,860,000 shares. Approximately 13.5% of the company's stock are sold short. Based on an average daily trading volume, of 2,220,000 shares, the short-interest ratio is currently 4.6 days.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SOC shares. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. BWS Financial reiterated a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, May 13th. Benchmark upped their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the stock a "buy" rating in a research note on Friday, May 23rd. Finally, Roth Mkm started coverage on shares of Sable Offshore in a research note on Thursday, March 27th. 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 six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.33.

Insider Activity

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business's stock in a transaction on 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 owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. The trade was a 1.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 36.36% of the company's stock.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently bought and sold shares of SOC. SVB Wealth LLC bought a new position in Sable Offshore during the 1st quarter valued at about $29,000. Quantbot Technologies LP purchased a new stake in shares of Sable Offshore during the 1st quarter valued at about $48,000. Summit Securities Group LLC purchased a new stake in shares of Sable Offshore during the 4th quarter valued at about $53,000. NewEdge Advisors LLC increased its position in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after purchasing an additional 650 shares during the last quarter. Finally, IFP Advisors Inc purchased a new stake in shares of Sable Offshore during the 4th quarter valued at about $81,000. Institutional investors own 26.19% of the company's stock.

Sable Offshore Stock Performance

SOC traded down $0.30 during midday trading on Friday, hitting $22.21. 1,857,242 shares of the company traded hands, compared to its average volume of 1,461,701. The company has a debt-to-equity ratio of 3.04, a current ratio of 1.67 and a quick ratio of 1.57. The company's 50-day moving average is $24.04 and its 200 day moving average is $24.10. Sable Offshore has a 52 week low of $13.66 and a 52 week high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The business had revenue of $78.00 million for the quarter, compared to analyst estimates of $21.00 million. Sell-side analysts predict that Sable Offshore will post -6.39 earnings per share for the current year.

Sable Offshore Company Profile

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.