Sable Offshore (NYSE:SOC) Sees Strong Trading Volume – Here’s Why

Sable Offshore Corp. (NYSE:SOC) saw unusually-high trading volume on Tuesday . Approximately 436,993 shares changed hands during mid-day trading, a decline of 7% from the previous session’s volume of 468,111 shares.The stock last traded at $21.35 and had previously closed at $22.65.

Analysts Set New Price Targets

SOC has been the subject of several analyst reports. Benchmark restated a “buy” rating and set a $37.00 price target on shares of Sable Offshore in a research report on Monday. 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 research note on Wednesday, September 4th. Finally, BWS Financial assumed coverage on shares of Sable Offshore in a research note on Tuesday. They issued a “sell” rating and a $6.00 target price on the stock.

Sable Offshore Price Performance

The company has a debt-to-equity ratio of 6.48, a current ratio of 2.73 and a quick ratio of 2.46. The company’s 50-day moving average price is $19.44 and its 200 day moving average price is $15.46.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($2.36). As a group, research analysts forecast 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 purchased 41,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was bought at an average cost of $15.45 per share, with a total value of $633,450.00. Following the transaction, the insider now directly owns 8,041,001 shares in the company, valued at approximately $124,233,465.45. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank bought a new stake in shares of Sable Offshore in the 2nd quarter worth $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Sable Offshore in the 2nd quarter worth about $86,000. Spartan Fund Management Inc. purchased a new position in Sable Offshore in the 2nd quarter worth about $162,000. SG Americas Securities LLC bought a new stake in shares of Sable Offshore in the third quarter worth approximately $412,000. Finally, Walleye Trading LLC purchased a new stake in Sable Offshore in the first quarter worth approximately $235,000. 26.19% of the stock is owned by institutional investors.

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.