Sable Offshore (NYSE:SOC) Stock Price Up 4.7%

Sable Offshore Corp. (NYSE:SOC)’s share price rose 4.7% during trading on Friday . The stock traded as high as $22.30 and last traded at $22.15. Approximately 110,290 shares changed hands during trading, a decline of 71% from the average daily volume of 375,375 shares. The stock had previously closed at $21.16.

Analysts Set New Price Targets

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

Sable Offshore Trading Up 5.5 %

The stock has a 50-day simple moving average of $16.58 and a 200-day simple moving average of $13.93. The company has a debt-to-equity ratio of 6.48, a current ratio of 2.73 and a quick ratio of 2.46.

Sable Offshore (NYSE:SOC) last announced its 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). Sell-side analysts expect 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 stock in a transaction dated Tuesday, August 27th. The stock was acquired at an average cost of $15.45 per share, for a total transaction of $633,450.00. Following the acquisition, the insider now owns 8,041,001 shares of the company’s stock, valued at $124,233,465.45. The acquisition was disclosed in a filing with the SEC, which is available at this link. 14.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank bought a new position in Sable Offshore during the 2nd quarter worth $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Sable Offshore during the 2nd quarter worth $86,000. Spartan Fund Management Inc. acquired a new position in Sable Offshore during the 2nd quarter worth $162,000. Walleye Trading LLC acquired a new position in Sable Offshore during the 1st quarter worth $235,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Sable Offshore during the 2nd quarter worth $324,000. 26.19% of the stock is currently owned by 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.