Sable Offshore (NYSE:SOC) Sets New 12-Month High at $24.55

Sable Offshore Corp. (NYSE:SOC)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $24.55 and last traded at $24.49, with a volume of 470759 shares changing hands. The stock had previously closed at $22.54.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SOC shares. Benchmark reissued a “buy” rating and issued a $24.00 price objective on shares of Sable Offshore in a research report on Wednesday, July 24th. Jefferies Financial Group raised their price target on Sable Offshore from $19.00 to $32.00 and gave the stock 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’s fifty day moving average is $17.32 and its two-hundred day moving average is $14.30.

Sable Offshore (NYSE:SOC) last announced 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). Research analysts forecast that Sable Offshore Corp. will post -2.82 EPS for the current fiscal year.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 41,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were acquired at an average price of $15.45 per share, with a total value of $633,450.00. Following the transaction, the insider now owns 8,041,001 shares of the company’s stock, valued at approximately $124,233,465.45. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

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