Sable Offshore (NYSE:SOC) Shares Gap Up – Still a Buy?

Sable Offshore Corp. (NYSE:SOC)’s share price gapped up before the market opened on Monday . The stock had previously closed at $20.88, but opened at $21.59. Sable Offshore shares last traded at $21.09, with a volume of 108,876 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SOC shares. Jefferies Financial Group boosted their price objective 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. Pickering Energy Partners assumed coverage on Sable Offshore in a research report on Tuesday. They issued an “outperform” rating for the company. Benchmark reaffirmed a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research 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 report on Wednesday, November 27th. Finally, Johnson Rice assumed coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Sable Offshore has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Stock Performance

The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. The stock has a fifty day moving average of $21.55 and a 200 day moving average of $18.98.

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim bought 750,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were bought 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 owns 8,791,001 shares of the company’s stock, valued at approximately $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. Insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new stake in Sable Offshore during the second quarter valued at $2,154,000. Emfo LLC bought a new position in shares of Sable Offshore in the 2nd quarter valued at about $371,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Sable Offshore in the second quarter worth about $86,000. Spartan Fund Management Inc. purchased a new stake in Sable Offshore during the second quarter valued at approximately $162,000. Finally, Rhumbline Advisers purchased a new stake in Sable Offshore during the second quarter valued at approximately $862,000. Hedge funds and other 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.