Sable Offshore (NYSE:SOC) Shares Gap Down to $28.30

Shares of Sable Offshore Corp. (NYSE:SOC) gapped down prior to trading on Friday . The stock had previously closed at $28.30, but opened at $24.80. Sable Offshore shares last traded at $25.00, with a volume of 67,113 shares.

Analyst Ratings Changes

Several brokerages recently issued reports on SOC. Benchmark reissued a “buy” rating and set a $24.00 target price on shares of Sable Offshore in a research note on Wednesday, July 24th. Jefferies Financial Group increased their price objective on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th.

Sable Offshore Trading Down 16.6 %

The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48. The company’s 50 day moving average is $17.58 and its 200 day moving average is $14.40.

Sable Offshore (NYSE:SOC) last issued its 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). On average, equities research analysts expect that Sable Offshore Corp. will post -2.82 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Global Icav Pilgrim bought 41,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were bought at an average price of $15.45 per share, with a total value of $633,450.00. Following the transaction, the insider now owns 8,041,001 shares in the company, valued at $124,233,465.45. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 14.30% of the company’s stock.

Institutional Trading of Sable Offshore

Hedge funds and other institutional investors have recently made changes to their positions in the business. Amalgamated Bank acquired a new position in shares of Sable Offshore in the 2nd quarter valued at about $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Sable Offshore in the 2nd quarter valued at $86,000. Spartan Fund Management Inc. purchased a new stake in Sable Offshore in the 2nd quarter worth $162,000. Walleye Trading LLC purchased a new position in Sable Offshore during the first quarter valued at $235,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Sable Offshore in the second quarter valued at about $324,000. 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.