Sable Offshore (NYSE:SOC) Hits New 52-Week High at $24.55

Sable Offshore Corp. (NYSE:SOC) shares 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

SOC has been the subject of several research analyst reports. Benchmark reaffirmed a “buy” rating and set a $24.00 target price on shares of Sable Offshore in a research note on Wednesday, July 24th. Jefferies Financial Group upped their price objective on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th.

Sable Offshore Stock Performance

The firm’s 50 day simple moving average is $16.72 and its 200-day simple moving average is $14.03. 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 posted its quarterly earnings results 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, analysts forecast that Sable Offshore Corp. will post -2.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim purchased 41,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was acquired at an average price of $15.45 per share, for a total transaction of $633,450.00. Following the acquisition, the insider now directly owns 8,041,001 shares of the company’s stock, valued at $124,233,465.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 14.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sable Offshore

Institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank purchased a new position in shares of Sable Offshore during the 2nd quarter worth approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Sable Offshore during the second quarter worth $86,000. Spartan Fund Management Inc. purchased a new position in shares of Sable Offshore during the second quarter worth $162,000. Walleye Trading LLC acquired a new stake in shares of Sable Offshore in the first quarter valued at $235,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Sable Offshore in the 2nd quarter valued at $324,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

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.