Shares of Sable Offshore Corp. (NYSE:SOC – Get Free Report) shot up 5.2% during mid-day trading on Tuesday . The company traded as high as $24.86 and last traded at $24.86. 494,890 shares were traded during mid-day trading, an increase of 10% from the average session volume of 448,892 shares. The stock had previously closed at $23.63.
Analysts Set New Price Targets
SOC has been the subject of several analyst reports. 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 note on Wednesday, September 4th. Benchmark increased their price target on Sable Offshore from $24.00 to $37.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th.
Read Our Latest Analysis on Sable Offshore
Sable Offshore Stock Performance
Sable Offshore (NYSE:SOC – Get Free Report) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). Research analysts predict that Sable Offshore Corp. will post -2.82 earnings per share for the current year.
Insider Activity
In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 41,000 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were acquired at an average cost of $15.45 per share, with a total value of $633,450.00. Following the completion of the acquisition, the insider now directly owns 8,041,001 shares in the company, valued at $124,233,465.45. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 14.30% of the company’s stock.
Institutional Trading of Sable Offshore
Several hedge funds and other institutional investors have recently modified their holdings of the business. Amalgamated Bank purchased a new position in Sable Offshore in the 2nd quarter valued at approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Sable Offshore in the second quarter valued at $86,000. Spartan Fund Management Inc. purchased a new position in shares of Sable Offshore in the second quarter valued at $162,000. Walleye Trading LLC bought a new stake in shares of Sable Offshore during the 1st quarter valued at $235,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Sable Offshore during the 2nd quarter worth about $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.
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