Sable Offshore (NYSE:SOC) Stock Price Up 7.7% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shot up 7.7% on Wednesday . The stock traded as high as $22.05 and last traded at $21.85. 678,086 shares traded hands during trading, an increase of 13% from the average session volume of 598,433 shares. The stock had previously closed at $20.28.

Wall Street Analyst Weigh In

SOC has been the topic of several research reports. BWS Financial reiterated a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a research report on Wednesday, November 27th. Johnson Rice initiated coverage on Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 target price on the stock. Benchmark reissued a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. Finally, Jefferies Financial Group lifted their price target on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Stock Performance

The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. The business’s 50 day moving average price is $21.81 and its two-hundred day moving average price is $18.81.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 750,000 shares of Sable Offshore stock in a transaction dated Thursday, September 19th. The stock was bought at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the acquisition, the insider now directly owns 8,791,001 shares in the company, valued at approximately $175,820,020. The trade was a 9.33 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in shares of Sable Offshore in the second quarter worth about $2,154,000. Emfo LLC bought a new position in Sable Offshore during the second quarter valued at approximately $371,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Sable Offshore in the second quarter worth about $86,000. Spartan Fund Management Inc. purchased a new stake in shares of Sable Offshore during the second quarter valued at approximately $162,000. Finally, Rhumbline Advisers purchased a new position in Sable Offshore during the 2nd quarter valued at about $862,000. Hedge funds and other institutional investors 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.