Sable Offshore (NYSE:SOC) Sees Strong Trading Volume After Insider Buying Activity

Shares of Sable Offshore Corp. (NYSE:SOC) saw an uptick in trading volume on Monday after an insider bought additional shares in the company. 921,561 shares were traded during mid-day trading, an increase of 117% from the previous session’s volume of 423,709 shares.The stock last traded at $23.28 and had previously closed at $22.20.

Specifically, major shareholder Global Icav Pilgrim bought 750,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were bought at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the insider now directly owns 8,791,001 shares of the company’s stock, valued at $175,820,020. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SOC. Jefferies Financial Group increased their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Benchmark lifted their price objective on shares of Sable Offshore from $24.00 to $37.00 and gave the company a “buy” rating in a research note on Tuesday.

Sable Offshore Stock Down 3.7 %

The company’s 50 day simple moving average is $18.02 and its two-hundred day simple moving average is $14.66. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($2.36). Equities research analysts anticipate that Sable Offshore Corp. will post -2.82 earnings per share for the current fiscal year.

Institutional Trading of Sable Offshore

A number of hedge funds and other institutional investors have recently made changes to their positions in SOC. The Manufacturers Life Insurance Company purchased a new stake in Sable Offshore during the second quarter worth about $324,000. GM Advisory Group LLC acquired a new stake in shares of Sable Offshore in the second quarter valued at approximately $1,634,000. Amalgamated Bank purchased a new position in shares of Sable Offshore during the 2nd quarter worth approximately $26,000. Rhumbline Advisers acquired a new position in shares of Sable Offshore in the second quarter worth $862,000. Finally, Spartan Fund Management Inc. acquired a new position in Sable Offshore in the 2nd quarter valued at about $162,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

About Sable Offshore

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.