Sable Offshore (NYSE:SOC) Trading Up 3.6% – Time to Buy?

Sable Offshore Corp. (NYSE:SOC)’s share price was up 3.6% on Friday . The stock traded as high as $20.59 and last traded at $20.56. Approximately 93,824 shares changed hands during trading, a decline of 81% from the average daily volume of 495,098 shares. The stock had previously closed at $19.84.

Analysts Set New Price Targets

Several analysts have weighed in on SOC shares. Benchmark reaffirmed a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. Jefferies Financial Group lifted their target price 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 initiated coverage on Sable Offshore in a research note on Tuesday, October 8th. They issued a “sell” rating and a $6.00 price objective on the stock.

Sable Offshore Trading Up 3.4 %

The business has a 50-day moving average price of $19.76 and a 200-day moving average price of $15.68. The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48.

Sable Offshore (NYSE:SOC) last announced its 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). Equities research analysts predict that Sable Offshore Corp. will post -3.72 EPS for the current fiscal year.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 41,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were acquired at an average price of $15.45 per share, for a total transaction 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. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 14.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SOC. Amalgamated Bank purchased a new position in Sable Offshore in the second quarter valued at about $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Sable Offshore in the second quarter valued at about $86,000. Spartan Fund Management Inc. purchased a new position in Sable Offshore in the second quarter valued at about $162,000. Walleye Trading LLC purchased a new position in Sable Offshore in the first quarter valued at about $235,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Sable Offshore in the second quarter valued at about $324,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.