Sable Offshore (NYSE:SOC) Trading 8% Higher – Here’s Why

Sable Offshore Corp. (NYSE:SOC) rose 8% during trading on Friday . The company traded as high as $5.56 and last traded at $5.5080. Approximately 421,851 shares changed hands during trading, a decline of 88% from the average daily volume of 3,401,753 shares. The stock had previously closed at $5.10.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Jefferies Financial Group cut their target price on Sable Offshore from $38.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Roth Capital restated a “buy” rating on shares of Sable Offshore in a report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Finally, Benchmark lowered their price target on Sable Offshore from $47.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, November 4th. Five research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Sable Offshore currently has an average rating of “Hold” and an average price target of $19.60.

Sable Offshore Stock Up 6.7%

The firm has a market cap of $788.58 million, a P/E ratio of -1.68 and a beta of 0.51. The business’s 50 day moving average is $10.70 and its 200-day moving average is $20.61.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). As a group, equities analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim purchased 982,645 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The shares were acquired at an average price of $15.04 per share, with a total value of $14,778,980.80. Following the acquisition, the insider owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 36.36% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors have recently modified their holdings of SOC. SVB Wealth LLC bought a new position in Sable Offshore in the 1st quarter worth about $29,000. CWM LLC raised its stake in Sable Offshore by 1,262.8% during the 2nd quarter. CWM LLC now owns 1,867 shares of the company’s stock valued at $41,000 after acquiring an additional 1,730 shares in the last quarter. KBC Group NV acquired a new position in Sable Offshore during the 2nd quarter worth $46,000. Quantbot Technologies LP bought a new position in shares of Sable Offshore in the first quarter worth $48,000. Finally, NewEdge Advisors LLC increased 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 valued at $62,000 after purchasing an additional 650 shares during the period. 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.