Sable Offshore (NYSE:SOC) Sees Large Volume Increase – Time to Buy?

Sable Offshore Corp. (NYSE:SOC) shares saw unusually-strong trading volume on Wednesday . Approximately 3,553,548 shares changed hands during mid-day trading, an increase of 170% from the previous session’s volume of 1,314,660 shares.The stock last traded at $27.95 and had previously closed at $32.93.

Analyst Ratings Changes

Several equities analysts recently commented on SOC shares. BWS Financial restated a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, May 13th. Roth Capital set a $37.00 price objective on shares of Sable Offshore and gave the stock a “buy” rating in a research report on Friday. Roth Mkm began coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They set a “buy” rating and a $30.00 price objective for the company. Finally, Benchmark upped their price objective on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.33.

Sable Offshore Price 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 fifty day moving average price is $23.30 and its 200 day moving average price is $23.90.

Sable Offshore (NYSE:SOC) last posted its 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 firm had revenue of $78.00 million for the quarter, compared to analysts’ expectations of $21.00 million. As a group, analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm’s stock in a transaction that occurred on Thursday, April 17th. The shares were 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 owns 10,100,569 shares in the company, valued at $256,251,435.53. This trade represents a 1.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 36.36% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Strs Ohio bought a new position in Sable Offshore in the 1st quarter valued at approximately $236,000. SCS Capital Management LLC bought a new position in Sable Offshore in the 1st quarter valued at approximately $3,044,000. Ascent Group LLC bought a new position in Sable Offshore in the 1st quarter valued at approximately $449,000. Philadelphia Financial Management of San Francisco LLC bought a new position in Sable Offshore in the 1st quarter valued at approximately $6,627,000. Finally, NewEdge Advisors LLC increased its position in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares during the period. Institutional investors 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.