Sable Offshore (NYSE:SOC) Sets New 1-Year High – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s stock price hit a new 52-week high on Monday . The stock traded as high as $35.00 and last traded at $34.18, with a volume of 2480761 shares traded. The stock had previously closed at $28.86.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. BWS Financial reiterated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, May 13th. Roth Mkm began coverage on Sable Offshore in a research report on Thursday, March 27th. They set a “buy” rating and a $30.00 price objective for the company. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Roth Capital set a $30.00 price objective on Sable Offshore in a research note on Thursday, March 27th. One analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Sable Offshore has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Sable Offshore Trading Up 18.0%

The stock has a fifty day moving average price of $22.27 and a 200-day moving average price of $23.44. 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 announced its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share 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 analysts’ expectations of $21.00 million. Equities analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Activity

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company’s stock in a transaction 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 completion of 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 document filed with the SEC, which can be accessed through the SEC website. Company insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors have recently added to or reduced their stakes in the business. SVB Wealth LLC acquired a new stake in shares of Sable Offshore in the first quarter valued at about $29,000. Quantbot Technologies LP bought a new position in Sable Offshore during the 1st quarter worth approximately $48,000. Summit Securities Group LLC bought a new position in Sable Offshore during the 4th quarter worth approximately $53,000. NewEdge Advisors LLC lifted its holdings in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after buying an additional 650 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in Sable Offshore by 62.2% during the 1st quarter. US Bancorp DE now owns 3,281 shares of the company’s stock worth $83,000 after buying an additional 1,258 shares during the last quarter. 26.19% of the stock is currently 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.