Sable Offshore (NYSE:SOC) Shares Gap Up – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) gapped up before the market opened on Monday . The stock had previously closed at $23.00, but opened at $27.05. Sable Offshore shares last traded at $26.72, with a volume of 785,838 shares.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SOC shares. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Roth Mkm started coverage on Sable Offshore in a report on Thursday, March 27th. They issued a “buy” rating and a $30.00 target price for the company. BWS Financial restated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Tuesday. Finally, Roth Capital set a $30.00 target price on Sable Offshore in a research report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Sable Offshore Price Performance

The company has a 50 day moving average price of $21.95 and a two-hundred day moving average price of $23.29. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

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

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company’s stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the transaction, the insider now directly owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. This represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 14.30% of the stock is currently owned by insiders.

Institutional Trading of Sable Offshore

Several hedge funds have recently added to or reduced their stakes in SOC. Quantbot Technologies LP purchased a new position in shares of Sable Offshore during the first quarter worth about $48,000. Summit Securities Group LLC purchased a new stake in shares of Sable Offshore in the fourth quarter valued at about $53,000. IFP Advisors Inc acquired a new stake in shares of Sable Offshore during the fourth quarter valued at $81,000. US Bancorp DE raised its position in shares of Sable Offshore by 62.2% in the first quarter. US Bancorp DE now owns 3,281 shares of the company’s stock valued at $83,000 after buying an additional 1,258 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Sable Offshore by 3,686.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,430 shares of the company’s stock worth $112,000 after purchasing an additional 4,313 shares during the period. 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.