Sable Offshore Corp. (NYSE:SOC – Get Free Report)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $24.55 and last traded at $24.49, with a volume of 470759 shares. The stock had previously closed at $22.54.
Analyst Ratings Changes
Several research firms have issued reports on SOC. Benchmark restated 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 boosted 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.
View Our Latest Report on Sable Offshore
Sable Offshore Trading Down 0.6 %
Sable Offshore (NYSE:SOC – Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). As a group, analysts expect that Sable Offshore Corp. will post -2.82 earnings per share for the current year.
Insiders Place Their Bets
In related news, major shareholder Global Icav Pilgrim bought 41,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were purchased at an average price of $15.45 per share, with a total value of $633,450.00. Following the completion of the acquisition, the insider now owns 8,041,001 shares of the company’s stock, valued at $124,233,465.45. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 14.30% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Sable Offshore
A number of hedge funds have recently made changes to their positions in SOC. The Manufacturers Life Insurance Company purchased a new position in shares of Sable Offshore in the 2nd quarter worth $324,000. GM Advisory Group LLC bought a new stake in shares of Sable Offshore in the 2nd quarter valued at approximately $1,634,000. Amalgamated Bank purchased a new position in shares of Sable Offshore in the 2nd quarter worth approximately $26,000. Rhumbline Advisers bought a new position in shares of Sable Offshore during the 2nd quarter valued at approximately $862,000. Finally, Spartan Fund Management Inc. purchased a new stake in Sable Offshore during the 2nd quarter valued at $162,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.
About Sable Offshore
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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