Sable Offshore (NYSE:SOC) Stock Price Up 4.3% – Here’s Why

Sable Offshore Corp. (NYSE:SOC) shares were up 4.3% during trading on Tuesday . The stock traded as high as $19.82 and last traded at $19.75. Approximately 163,928 shares changed hands during trading, a decline of 68% from the average daily volume of 511,636 shares. The stock had previously closed at $18.93.

Wall Street Analysts Forecast Growth

SOC has been the topic of several research reports. Jefferies Financial Group increased their target price on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. BWS Financial started coverage on shares of Sable Offshore in a report on Tuesday, October 8th. They set a “sell” rating and a $6.00 target price on the stock. Finally, Benchmark restated a “buy” rating and issued a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th.

Sable Offshore Stock Up 3.8 %

The business’s 50 day moving average is $20.45 and its 200-day moving average is $16.10. The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48.

Sable Offshore (NYSE:SOC) last issued its earnings results on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). On average, equities research analysts anticipate that Sable Offshore Corp. will post -3.72 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Global Icav Pilgrim bought 750,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were purchased at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the transaction, the insider now directly owns 8,791,001 shares of the company’s stock, valued at approximately $175,820,020. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 14.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

Institutional investors have recently modified their holdings of the business. GM Advisory Group LLC acquired a new position in Sable Offshore in the 2nd quarter valued at about $1,634,000. Bank of New York Mellon Corp purchased a new position in Sable Offshore during the second quarter worth about $2,154,000. Amalgamated Bank purchased a new stake in Sable Offshore in the 2nd quarter valued at approximately $26,000. Walleye Trading LLC acquired a new position in Sable Offshore during the 1st quarter worth approximately $235,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Sable Offshore during the 2nd quarter worth approximately $86,000. 26.19% of the stock is owned by institutional investors and hedge funds.

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.