Sable Offshore Corp. (NYSE:SOC – Get Free Report)’s stock price traded up 10.8% on Thursday . The stock traded as high as $28.59 and last traded at $28.56. 515,679 shares were traded during mid-day trading, an increase of 33% from the average session volume of 386,750 shares. The stock had previously closed at $25.77.
Analyst Ratings Changes
Several analysts have weighed in on the company. 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 report on Wednesday, September 4th. Benchmark reaffirmed a “buy” rating and issued a $24.00 price target on shares of Sable Offshore in a report on Wednesday, July 24th.
Check Out Our Latest Analysis on SOC
Sable Offshore Stock Performance
Sable Offshore (NYSE:SOC – Get Free Report) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). As a group, equities analysts expect that Sable Offshore Corp. will post -2.82 earnings per share for the current year.
Insider Activity at Sable Offshore
In other news, major shareholder Global Icav Pilgrim acquired 41,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were bought at an average cost of $15.45 per share, with a total value of $633,450.00. Following the acquisition, the insider now owns 8,041,001 shares in the company, valued at approximately $124,233,465.45. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 14.30% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Sable Offshore
A number of large investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company purchased a new position in Sable Offshore in the 2nd quarter worth approximately $324,000. GM Advisory Group LLC purchased a new position in Sable Offshore in the 2nd quarter worth approximately $1,634,000. Amalgamated Bank purchased a new position in Sable Offshore in the 2nd quarter worth approximately $26,000. Rhumbline Advisers purchased a new position in Sable Offshore in the 2nd quarter worth approximately $862,000. Finally, Spartan Fund Management Inc. purchased a new position in Sable Offshore in the 2nd quarter worth approximately $162,000. 26.19% of the stock is owned by hedge funds and other institutional investors.
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.
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