Sable Offshore (NYSE:SOC) Trading Up 8.9% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC)’s share price rose 8.9% during trading on Friday . The company traded as high as $4.49 and last traded at $4.4860. Approximately 544,099 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 3,360,955 shares. The stock had previously closed at $4.12.

Wall Street Analyst Weigh In

SOC has been the topic of several recent analyst reports. Benchmark reduced their target price on shares of Sable Offshore from $47.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, November 4th. Roth Capital reiterated a “buy” rating and set a $22.00 price target on shares of Sable Offshore in a report on Tuesday, November 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Finally, Jefferies Financial Group decreased their price objective on shares of Sable Offshore from $38.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Five research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Sable Offshore has an average rating of “Hold” and an average target price of $19.60.

Sable Offshore Stock Up 5.9%

The firm has a 50 day moving average price of $12.11 and a 200 day moving average price of $21.21. The stock has a market cap of $632.75 million, a PE ratio of -1.34 and a beta of 0.46.

Sable Offshore (NYSE:SOC) last issued its earnings results on Thursday, November 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.21). Equities analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The shares were bought at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the completion of the acquisition, the insider directly owned 10,933,394 shares in the company, valued at $164,438,245.76. This represents a 9.88% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.36% of the stock is currently owned by insiders.

Institutional Trading of Sable Offshore

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Encompass Capital Advisors LLC raised its position in shares of Sable Offshore by 83.8% in the 2nd quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock worth $108,845,000 after acquiring an additional 2,257,069 shares in the last quarter. Capital International Investors purchased a new position in Sable Offshore in the third quarter valued at about $31,499,000. Cooper Creek Partners Management LLC bought a new position in Sable Offshore in the second quarter worth about $24,465,000. Bank of America Corp DE lifted its position in shares of Sable Offshore by 329.8% during the second quarter. Bank of America Corp DE now owns 1,124,427 shares of the company’s stock valued at $24,715,000 after buying an additional 862,810 shares during the last quarter. Finally, Two Seas Capital LP bought a new stake in shares of Sable Offshore in the 2nd quarter valued at about $9,708,000. Institutional investors own 26.19% of the company’s stock.

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.