Sable Offshore (NYSE:SOC) Stock Price Up 10.8%

Sable Offshore Corp. (NYSE:SOC) rose 10.8% during trading on Thursday . The stock traded as high as $28.59 and last traded at $28.56. Approximately 515,679 shares were traded during trading, an increase of 33% from the average daily volume of 386,750 shares. The stock had previously closed at $25.77.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SOC shares. Jefferies Financial Group increased their price target on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Benchmark reiterated a “buy” rating and issued a $24.00 price target on shares of Sable Offshore in a report on Wednesday, July 24th.

Sable Offshore Stock Performance

The firm has a fifty day simple moving average of $17.70 and a 200-day simple moving average of $14.46. The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48.

Sable Offshore (NYSE:SOC) last announced 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 year.

Insider Activity

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Amalgamated Bank bought a new stake in Sable Offshore during the second quarter worth $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Sable Offshore during the second quarter worth $86,000. Spartan Fund Management Inc. bought a new stake in Sable Offshore during the second quarter worth $162,000. Walleye Trading LLC bought a new stake in Sable Offshore during the first quarter worth $235,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Sable Offshore during the second quarter worth $324,000. Institutional investors 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.