Sable Offshore (NYSE:SOC) Trading Up 7.7% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) rose 7.7% during mid-day trading on Wednesday . The stock traded as high as $22.05 and last traded at $21.85. Approximately 678,086 shares were traded during trading, an increase of 13% from the average daily volume of 598,433 shares. The stock had previously closed at $20.28.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SOC shares. Jefferies Financial Group upped their target price 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. Benchmark reaffirmed a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a report on Monday, October 7th. BWS Financial reissued a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, Johnson Rice initiated coverage on Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, Sable Offshore currently has an average rating of “Moderate Buy” and an average target price of $25.00.

Sable Offshore Price Performance

The stock’s 50-day moving average is $21.64 and its 200 day moving average is $18.83. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Insiders Place Their Bets

In related news, major shareholder Global Icav Pilgrim bought 750,000 shares of Sable Offshore stock in a transaction that occurred on Thursday, September 19th. The stock was purchased at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the purchase, the insider now owns 8,791,001 shares in the company, valued at approximately $175,820,020. This trade represents a 9.33 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 14.30% of the company’s stock.

Institutional Trading of Sable Offshore

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