Sable Offshore (NYSE:SOC) Reaches New 52-Week High – Here’s Why

Sable Offshore Corp. (NYSE:SOC) hit a new 52-week high on Monday . The company traded as high as $35.00 and last traded at $34.18, with a volume of 2480761 shares changing hands. The stock had previously closed at $28.86.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Roth Capital set a $30.00 price target on Sable Offshore in a research report on Thursday, March 27th. Roth Mkm assumed coverage on Sable Offshore in a report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price objective on the stock. BWS Financial restated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, May 13th. Finally, Benchmark upped their target price on Sable Offshore from $37.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $29.17.

Sable Offshore Stock Down 0.9%

The stock has a fifty day moving average of $22.62 and a 200-day moving average of $23.58. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.63). The business had revenue of $78.00 million during the quarter, compared to the consensus estimate of $21.00 million. Equities research analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Activity

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business’s stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the transaction, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. The trade was a 1.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Encompass Capital Advisors LLC boosted its position in shares of Sable Offshore by 92.5% during the first quarter. Encompass Capital Advisors LLC now owns 2,694,954 shares of the company’s stock worth $68,371,000 after buying an additional 1,294,954 shares during the period. Vanguard Group Inc. increased its holdings in shares of Sable Offshore by 23.6% during the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock worth $79,832,000 after buying an additional 665,407 shares in the last quarter. Emerald Advisers LLC acquired a new stake in shares of Sable Offshore in the fourth quarter valued at approximately $6,700,000. Philadelphia Financial Management of San Francisco LLC bought a new position in shares of Sable Offshore during the first quarter worth $6,627,000. Finally, Harraden Circle Investments LLC bought a new stake in Sable Offshore in the 4th quarter valued at $5,038,000. 26.19% of the stock is owned by hedge funds and other 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.