Sable Offshore (NYSE:SOC) Trading Up 4%

Sable Offshore Corp. (NYSE:SOC)’s stock price shot up 4% on Wednesday . The stock traded as high as $15.19 and last traded at $15.19. 47,220 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 303,610 shares. The stock had previously closed at $14.60.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Jefferies Financial Group started coverage on Sable Offshore in a report on Tuesday. They issued a “buy” rating and a $19.00 price objective on the stock. Benchmark reiterated a “buy” rating and issued a $24.00 target price on shares of Sable Offshore in a report on Wednesday, July 24th.

Sable Offshore Price Performance

The company has a quick ratio of 2.60, a current ratio of 2.80 and a debt-to-equity ratio of 2.91. The stock’s 50-day moving average price is $15.31.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($0.39) by ($2.36). Equities research analysts anticipate that Sable Offshore Corp. will post -1.6 earnings per share for the current year.

Insider Buying and Selling at Sable Offshore

In related news, CEO James C. Flores acquired 100,000 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were acquired at an average price of $13.74 per share, with a total value of $1,374,000.00. Following the completion of the transaction, the chief executive officer now owns 2,625,000 shares of the company’s stock, valued at $36,067,500. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Gregory Phillip Pipkin sold 82,238 shares of Sable Offshore stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $14.66, for a total value of $1,205,609.08. Following the completion of the transaction, the director now owns 85,540 shares in the company, valued at $1,254,016.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James C. Flores bought 100,000 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were purchased at an average price of $13.74 per share, with a total value of $1,374,000.00. Following the purchase, the chief executive officer now owns 2,625,000 shares of the company’s stock, valued at approximately $36,067,500. The disclosure for this purchase can be found here. 14.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOC. Clarus Group Inc. purchased a new stake in Sable Offshore in the first quarter valued at $325,000. Fayez Sarofim & Co purchased a new stake in shares of Sable Offshore in the 1st quarter valued at about $32,880,000. Walleye Trading LLC purchased a new position in Sable Offshore during the 1st quarter worth approximately $235,000. Bank of New York Mellon Corp acquired a new position in Sable Offshore during the second quarter worth approximately $2,154,000. Finally, Emfo LLC purchased a new stake in Sable Offshore in the second quarter valued at approximately $371,000. 26.19% of the stock is 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.