Sable Offshore (NYSE:SOC) Stock Price Up 5.5% – Here’s Why

by · The Markets Daily

Sable Offshore Corp. (NYSE:SOC – Get Free Report)’s stock price was up 5.5% on Friday . The company traded as high as $6.22 and last traded at $5.9510. Approximately 805,073 shares were traded during trading, a decline of 77% from the average daily volume of 3,443,165 shares. The stock had previously closed at $5.64.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SOC. Roth Capital reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Monday, December 1st. Benchmark cut their price objective on Sable Offshore from $47.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, November 4th. Jefferies Financial Group decreased 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. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Sable Offshore currently has an average rating of “Hold” and a consensus price target of $19.60.

Read Our Latest Stock Report on Sable Offshore

Sable Offshore Price Performance

The business has a 50-day moving average of $9.35 and a 200-day moving average of $19.68. The company has a market capitalization of $930.21 million, a P/E ratio of -1.96 and a beta of 0.51.

Sable Offshore (NYSE:SOC – Get Free Report) last announced its earnings results on Thursday, November 13th. The company reported ($1.11) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.21). Sell-side analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 982,645 shares of Sable Offshore stock in a transaction dated Wednesday, October 15th. The shares were purchased at an average cost of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the acquisition, the insider owned 10,933,394 shares in the company, valued at $164,438,245.76. This represents a 9.88% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 36.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds have recently bought and sold shares of the business. SVB Wealth LLC purchased a new stake in shares of Sable Offshore during the first quarter valued at $29,000. CWM LLC boosted its position in Sable Offshore by 1,262.8% in the 2nd quarter. CWM LLC now owns 1,867 shares of the company’s stock valued at $41,000 after buying an additional 1,730 shares during the period. KBC Group NV bought a new position in Sable Offshore in the 2nd quarter worth about $46,000. Quantbot Technologies LP purchased a new position in shares of Sable Offshore during the first quarter worth approximately $48,000. Finally, NewEdge Advisors LLC increased its position 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 acquiring an additional 650 shares during the period. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Company Profile

(Get Free Report)

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.

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