Sable Offshore (NYSE:SOC) Shares Gap Up Following Insider Buying Activity

Sable Offshore Corp. (NYSE:SOC) gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $23.37, but opened at $25.58. Sable Offshore shares last traded at $24.50, with a volume of 136,550 shares.

Specifically, major shareholder Global Icav Pilgrim purchased 750,000 shares of the stock in a transaction on Thursday, September 19th. The stock was bought at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the insider now directly owns 8,791,001 shares of the company’s stock, valued at $175,820,020. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

SOC has been the topic of several research analyst reports. Benchmark raised their target price on shares of Sable Offshore from $24.00 to $37.00 and gave the stock a “buy” rating in a report on Tuesday. Jefferies Financial Group raised their price target on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th.

Sable Offshore Price Performance

The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48. The business has a fifty day moving average price of $17.84 and a 200-day moving average price of $14.57.

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

Hedge Funds Weigh In On Sable Offshore

Several institutional investors have recently added to or reduced their stakes in SOC. Amalgamated Bank bought a new position in shares of Sable Offshore in the 2nd quarter worth $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Sable Offshore during the second quarter worth approximately $86,000. Spartan Fund Management Inc. purchased a new stake in Sable Offshore during the second quarter valued at about $162,000. Walleye Trading LLC bought a new position in Sable Offshore during the 1st quarter worth approximately $235,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Sable Offshore in the second quarter valued at about $324,000. 26.19% of the stock is 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.