Sable Offshore (NYSE:SOC) Shares Up 8.1% – Here’s What Happened

Shares of Sable Offshore Corp. (NYSE:SOC) were up 8.1% during trading on Friday . The company traded as high as $14.76 and last traded at $14.86. Approximately 1,622,465 shares changed hands during trading, a decline of 72% from the average daily volume of 5,881,662 shares. The stock had previously closed at $13.75.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SOC shares. Jefferies Financial Group lowered their price target on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, April 22nd. Wall Street Zen raised Sable Offshore from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Thursday, March 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $22.00.

Sable Offshore Stock Up 8.9%

The stock has a 50 day simple moving average of $14.71 and a 200 day simple moving average of $10.41. The company has a market cap of $2.31 billion, a price-to-earnings ratio of -3.48 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last announced its earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The company had revenue of $1.27 million during the quarter, compared to analyst estimates of $16.10 million. As a group, equities research analysts expect that Sable Offshore Corp. will post 0.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO James Caldwell Flores sold 39,311 shares of Sable Offshore stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,057.16. Following the sale, the chief operating officer owned 562,740 shares of the company’s stock, valued at $7,630,754.40. The trade was a 6.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 39,311 shares of the business’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the completion of the transaction, the executive vice president owned 562,740 shares in the company, valued at $7,630,754.40. This represents a 6.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,077,406 shares of company stock valued at $17,202,083 in the last quarter. Company insiders own 36.36% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds have recently bought and sold shares of the business. HUB Investment Partners LLC purchased a new position in shares of Sable Offshore during the 3rd quarter valued at approximately $1,659,000. Union Square Park Capital Management LLC acquired a new stake in Sable Offshore in the third quarter valued at $2,383,000. CenterBook Partners LP acquired a new stake in Sable Offshore in the third quarter valued at $2,864,000. ANTIPODES PARTNERS Ltd bought a new position in Sable Offshore during the 3rd quarter valued at $6,752,000. Finally, Trek Financial LLC acquired a new position in Sable Offshore during the 3rd quarter worth $4,652,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

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.