Sable Offshore (NYSE:SOC) Stock Price Up 6.9% – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s share price traded up 6.9% during trading on Monday . The stock traded as high as $22.42 and last traded at $22.07. 215,266 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 564,245 shares. The stock had previously closed at $20.65.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SOC. Jefferies Financial Group increased their price objective on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Johnson Rice initiated coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target on the stock. Benchmark reiterated a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a report on Monday, October 7th. Finally, BWS Financial restated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat, Sable Offshore presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Price Performance

The company’s 50 day moving average is $22.36 and its two-hundred day moving average is $17.77. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were acquired at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the purchase, the insider now directly owns 8,791,001 shares in the company, valued at $175,820,020. This represents a 9.33 % 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 owned by insiders.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Amalgamated Bank acquired a new position in Sable Offshore during the 2nd quarter worth $26,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Sable Offshore by 31.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock valued at $179,000 after acquiring an additional 1,830 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Sable Offshore by 9.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 39,248 shares of the company’s stock valued at $927,000 after acquiring an additional 3,531 shares during the last quarter. US Bancorp DE increased its position in Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after purchasing an additional 3,758 shares during the period. Finally, Covestor Ltd bought a new stake in Sable Offshore during the 3rd quarter worth about $130,000. 26.19% of the stock is owned by institutional investors and hedge funds.

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.