Sable Offshore (NYSE:SOC) Trading 3.5% Higher

Sable Offshore Corp. (NYSE:SOC)’s stock price shot up 3.5% during trading on Thursday . The company traded as high as $14.95 and last traded at $14.95. 3,308 shares were traded during mid-day trading, a decline of 98% from the average session volume of 214,963 shares. The stock had previously closed at $14.45.

Sable Offshore Price Performance

The company has a current ratio of 2.80, a quick ratio of 2.60 and a debt-to-equity ratio of 2.91. The business’s 50-day moving average price is $13.21.

Insider Transactions at Sable Offshore

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Walleye Trading LLC acquired a new position in shares of Sable Offshore in the first quarter valued at approximately $235,000. Clarus Group Inc. acquired a new position in Sable Offshore during the first quarter worth $325,000. Finally, Fayez Sarofim & Co acquired a new position in Sable Offshore during the first quarter worth $32,880,000. 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.