Sable Offshore (NYSE:SOC) Shares Gap Up on Insider Buying Activity

Sable Offshore Corp. (NYSE:SOC) shares gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $23.37, but opened at $25.58. Sable Offshore shares last traded at $24.50, with a volume of 136,550 shares trading hands.

Specifically, major shareholder Global Icav Pilgrim bought 750,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was bought at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the insider now directly owns 8,791,001 shares in the company, valued at approximately $175,820,020. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Ratings Changes

SOC has been the subject of a number of recent research reports. Benchmark upped their price objective on Sable Offshore from $24.00 to $37.00 and gave the stock a “buy” rating in a research note on Tuesday. Jefferies Financial Group upped their price target on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th.

Sable Offshore Price Performance

The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48. The company has a 50-day moving average price of $18.18 and a 200-day moving average price of $14.73.

Sable Offshore (NYSE:SOC) last announced 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, analysts predict that Sable Offshore Corp. will post -2.82 earnings per share for the current year.

Institutional Trading of Sable Offshore

Several institutional investors have recently modified their holdings of SOC. Amalgamated Bank bought a new stake in Sable Offshore in the second quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Sable Offshore during the second quarter valued at approximately $86,000. Spartan Fund Management Inc. purchased a new stake in shares of Sable Offshore in the 2nd quarter valued at approximately $162,000. Walleye Trading LLC purchased a new position in Sable Offshore during the 1st quarter worth approximately $235,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Sable Offshore in the second quarter worth $324,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

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.