Sable Offshore (NYSE:SOC) Shares Down 4% - Should You Sell?

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s stock price fell 4% during trading on Monday . The company traded as low as $30.09 and last traded at $30.41. 647,769 shares were traded during trading, a decline of 61% from the average session volume of 1,662,443 shares. The stock had previously closed at $31.69.

Analysts Set New Price Targets

SOC has been the subject of a number of analyst reports. BWS Financial reaffirmed a "sell" rating and set a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, May 13th. Roth Mkm started coverage on Sable Offshore in a report on Thursday, March 27th. They issued a "buy" rating and a $30.00 price objective for the company. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the company a "buy" rating in a report on Friday, May 23rd. Benchmark boosted their price objective on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a report on Tuesday, May 20th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $30.33.

Sable Offshore Stock Down 6.5%

The business's 50 day moving average price is $25.35 and its 200-day moving average price is $24.30. The company has a quick ratio of 1.57, a current ratio of 1.67 and a debt-to-equity ratio of 3.04.

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

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds have recently added to or reduced their stakes in SOC. CenterBook Partners LP purchased a new position in shares of Sable Offshore in the first quarter valued at $1,499,000. Toronto Dominion Bank bought a new position in shares of Sable Offshore in the fourth quarter worth $344,000. FNY Investment Advisers LLC raised its position in shares of Sable Offshore by 1,190.1% in the first quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company's stock worth $382,000 after buying an additional 13,924 shares in the last quarter. Emerald Advisers LLC purchased a new position in Sable Offshore in the 4th quarter worth approximately $6,700,000. Finally, Raymond James Financial Inc. bought a new position in shares of Sable Offshore during the 4th quarter valued at about $1,177,000. Institutional investors and hedge funds own 26.19% of the company's stock.

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.

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