Sable Offshore (NYSE:SOC) Trading Up 5.2% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shot up 5.2% during trading on Tuesday . The stock traded as high as $24.86 and last traded at $24.86. 494,890 shares traded hands during mid-day trading, an increase of 10% from the average session volume of 448,892 shares. The stock had previously closed at $23.63.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SOC shares. Jefferies Financial Group increased their price target on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Benchmark raised their target price on Sable Offshore from $24.00 to $37.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th.

Sable Offshore Stock Up 1.6 %

The business has a fifty day moving average of $18.98 and a 200 day moving average of $15.16. 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 (NYSE:SOC) last posted its earnings results on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($0.39) by ($2.36). On average, equities analysts predict that Sable Offshore Corp. will post -2.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim purchased 41,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were bought at an average cost of $15.45 per share, for a total transaction of $633,450.00. Following the completion of the transaction, the insider now directly owns 8,041,001 shares of the company’s stock, valued at approximately $124,233,465.45. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 14.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SOC. Fayez Sarofim & Co bought a new position in shares of Sable Offshore during the first quarter valued at approximately $32,880,000. Walleye Trading LLC bought a new position in shares of Sable Offshore during the first quarter valued at $235,000. Bank of New York Mellon Corp purchased a new position in shares of Sable Offshore in the 2nd quarter worth about $2,154,000. Emfo LLC bought a new position in Sable Offshore in the 2nd quarter worth about $371,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Sable Offshore during the 2nd quarter valued at about $86,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

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.