Sable Offshore (NYSE:SOC) Trading 8% Higher – Still a Buy?

Sable Offshore Corp. (NYSE:SOC)’s stock price shot up 8% during trading on Friday . The stock traded as high as $5.56 and last traded at $5.5080. 421,851 shares traded hands during trading, a decline of 88% from the average session volume of 3,401,753 shares. The stock had previously closed at $5.10.

Analyst Upgrades and Downgrades

SOC has been the subject of a number of research analyst reports. Jefferies Financial Group cut their target price on Sable Offshore from $38.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Roth Capital reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Monday. Benchmark dropped their price target on shares of Sable Offshore from $47.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, November 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Five analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.60.

Sable Offshore Trading Up 6.7%

The stock has a market capitalization of $788.58 million, a PE ratio of -1.68 and a beta of 0.51. The business’s 50-day moving average is $10.70 and its two-hundred day moving average is $20.61.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). On average, analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 982,645 shares of the business’s stock in a transaction on Wednesday, October 15th. The shares were bought at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the transaction, the insider directly owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 36.36% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. SVB Wealth LLC acquired a new position in shares of Sable Offshore in the 1st quarter valued at approximately $29,000. CWM LLC raised its position in Sable Offshore by 1,262.8% during the second quarter. CWM LLC now owns 1,867 shares of the company’s stock valued at $41,000 after purchasing an additional 1,730 shares in the last quarter. Quantbot Technologies LP acquired a new position in Sable Offshore during the first quarter valued at approximately $48,000. KBC Group NV bought a new stake in Sable Offshore during the second quarter worth $46,000. Finally, NewEdge Advisors LLC increased its stake in shares of Sable Offshore by 36.2% in 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 last quarter. 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.