Sable Offshore (NYSE:SOC) Trading 4.3% Higher – Time to Buy?

Sable Offshore Corp. (NYSE:SOC) shares shot up 4.3% during mid-day trading on Tuesday . The company traded as high as $19.82 and last traded at $19.75. 163,928 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 511,636 shares. The stock had previously closed at $18.93.

Analyst Ratings Changes

Several brokerages recently issued reports on SOC. Jefferies Financial Group boosted their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. BWS Financial assumed coverage on shares of Sable Offshore in a research report on Tuesday, October 8th. They set a “sell” rating and a $6.00 price objective for the company. Finally, Benchmark restated a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a research note on Monday, October 7th.

Sable Offshore Stock Down 1.1 %

The stock has a 50 day moving average of $20.63 and a 200-day moving average of $16.18. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73.

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). On average, sell-side analysts expect that Sable Offshore Corp. will post -3.72 earnings per share for the current year.

Insiders Place Their Bets

In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the stock in a transaction dated Thursday, September 19th. The shares were acquired at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the transaction, the insider now directly owns 8,791,001 shares of the company’s stock, valued at approximately $175,820,020. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 14.30% of the stock is currently owned by company insiders.

Institutional Trading of Sable Offshore

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. GM Advisory Group LLC purchased a new stake in Sable Offshore during the 2nd quarter valued at approximately $1,634,000. Bank of New York Mellon Corp bought a new position in shares of Sable Offshore during the second quarter worth $2,154,000. Amalgamated Bank purchased a new position in Sable Offshore during the second quarter valued at $26,000. Walleye Trading LLC bought a new stake in Sable Offshore in the 1st quarter valued at $235,000. Finally, SG Americas Securities LLC bought a new stake in Sable Offshore in the 3rd quarter valued at $412,000. Institutional investors own 26.19% of the company’s stock.

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.