Sable Offshore (NYSE:SOC) Sees Strong Trading Volume

Shares of Sable Offshore Corp. (NYSE:SOC) saw unusually-strong trading volume on Monday . Approximately 921,561 shares changed hands during trading, an increase of 117% from the previous session’s volume of 423,709 shares.The stock last traded at $23.28 and had previously closed at $22.20.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SOC shares. Jefferies Financial Group lifted their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Benchmark reaffirmed a “buy” rating and set a $24.00 price objective on shares of Sable Offshore in a research report on Wednesday, July 24th.

Sable Offshore Price Performance

The firm’s 50-day simple moving average is $17.70 and its 200 day simple moving average is $14.50. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73.

Sable Offshore (NYSE:SOC) last announced 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). On average, sell-side analysts anticipate that Sable Offshore Corp. will post -2.82 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Global Icav Pilgrim acquired 41,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was acquired at an average cost of $15.45 per share, for a total transaction of $633,450.00. Following the transaction, the insider now directly owns 8,041,001 shares in the company, valued at $124,233,465.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOC. Fayez Sarofim & Co acquired a new stake in shares of Sable Offshore in the first quarter valued at about $32,880,000. Walleye Trading LLC acquired a new stake in Sable Offshore during the 1st quarter valued at approximately $235,000. Bank of New York Mellon Corp bought a new position in Sable Offshore during the 2nd quarter worth approximately $2,154,000. Emfo LLC acquired a new position in shares of Sable Offshore in the 2nd quarter worth approximately $371,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Sable Offshore during the second quarter worth $86,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.