Sable Offshore (NYSE:SOC) Shares Up 8.9% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC)’s share price shot up 8.9% during mid-day trading on Thursday . The company traded as high as $9.43 and last traded at $9.3780. 3,414,868 shares were traded during trading, a decline of 69% from the average session volume of 11,172,673 shares. The stock had previously closed at $8.61.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SOC. Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. Roth Capital restated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Finally, Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Thursday. Five research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $19.60.

Sable Offshore Trading Up 5.3%

The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -3.01 and a beta of 0.40. The firm’s 50 day moving average is $6.61 and its two-hundred day moving average is $17.29.

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

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 982,645 shares of the business’s stock in a transaction on Wednesday, October 15th. The stock was bought at an average cost of $15.04 per share, for a total transaction of $14,778,980.80. Following the acquisition, the insider owned 10,933,394 shares of the company’s stock, valued at approximately $164,438,245.76. The trade was a 9.88% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 36.36% 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Sable Offshore by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock worth $761,000 after buying an additional 1,271 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of 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 acquiring an additional 650 shares during the period. Strs Ohio acquired a new stake in shares of Sable Offshore in the first quarter worth approximately $236,000. Rhumbline Advisers grew its holdings in Sable Offshore by 8.1% in the first quarter. Rhumbline Advisers now owns 71,815 shares of the company’s stock valued at $1,822,000 after purchasing an additional 5,402 shares during the period. Finally, Salem Investment Counselors Inc. grew its holdings in Sable Offshore by 40.0% in the second quarter. Salem Investment Counselors Inc. now owns 7,000 shares of the company’s stock valued at $154,000 after purchasing an additional 2,000 shares during the period. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Company Profile

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.