Sable Offshore (NYSE:SOC) Shares Gap Up Following Analyst Upgrade

Sable Offshore Corp. (NYSE:SOC) gapped up before the market opened on Tuesday after Benchmark raised their price target on the stock from $37.00 to $47.00. The stock had previously closed at $33.02, but opened at $33.93. Benchmark currently has a buy rating on the stock. Sable Offshore shares last traded at $34.50, with a volume of 311,559 shares.

SOC has been the topic of a number of other research reports. Roth Capital set a $30.00 target price on Sable Offshore in a research note on Thursday, March 27th. Roth Mkm began coverage on Sable Offshore in a report on Thursday, March 27th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, BWS Financial reaffirmed a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, May 13th. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Sable Offshore presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.17.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm’s stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the sale, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. This trade represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. SVB Wealth LLC purchased a new position in Sable Offshore in the 1st quarter valued at about $29,000. Quantbot Technologies LP acquired a new stake in shares of Sable Offshore during the first quarter worth $48,000. Summit Securities Group LLC acquired a new stake in shares of Sable Offshore during the fourth quarter worth $53,000. NewEdge Advisors LLC boosted its holdings in shares of Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares during the last quarter. Finally, US Bancorp DE grew its holdings in Sable Offshore by 62.2% in the first quarter. US Bancorp DE now owns 3,281 shares of the company’s stock valued at $83,000 after purchasing an additional 1,258 shares during the period. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Stock Up 2.7%

The business’s fifty day moving average is $22.43 and its 200-day moving average is $23.52. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

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

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.