Sable Offshore (NYSE:SOC) Shares Up 3.6% – Time to Buy?

Sable Offshore Corp. (NYSE:SOC)’s stock price was up 3.6% during trading on Friday . The stock traded as high as $20.59 and last traded at $20.56. Approximately 93,824 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 495,098 shares. The stock had previously closed at $19.84.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. BWS Financial assumed coverage on shares of Sable Offshore in a report on Tuesday. They set a “sell” rating and a $6.00 price objective for the company. Benchmark reiterated a “buy” rating and issued a $37.00 price objective on shares of Sable Offshore in a research report on Monday. Finally, Jefferies Financial Group boosted their price objective on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th.

Sable Offshore Price Performance

The firm’s 50-day simple moving average is $19.65 and its 200 day simple moving average is $15.59. The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). As a group, sell-side analysts forecast that Sable Offshore Corp. will post -3.72 EPS for the current year.

Insider Activity at Sable Offshore

In other news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was acquired at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the transaction, the insider now directly owns 8,791,001 shares in the company, valued at approximately $175,820,020. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

A number of large investors have recently bought and sold shares of SOC. Amalgamated Bank bought a new position in shares of Sable Offshore in the 2nd quarter valued at about $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Sable Offshore in the second quarter valued at approximately $86,000. Spartan Fund Management Inc. acquired a new position in shares of Sable Offshore during the 2nd quarter worth approximately $162,000. SG Americas Securities LLC bought a new stake in shares of Sable Offshore during the 3rd quarter worth approximately $412,000. Finally, Walleye Trading LLC acquired a new stake in shares of Sable Offshore in the 1st quarter valued at approximately $235,000. Institutional investors and hedge funds 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.