Sable Offshore (NYSE:SOC) Shares Gap Up on Insider Buying Activity

Sable Offshore Corp. (NYSE:SOC)’s stock price gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $23.37, but opened at $25.58. Sable Offshore shares last traded at $24.50, with a volume of 136,550 shares.

Specifically, major shareholder Global Icav Pilgrim bought 750,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was purchased at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the insider now owns 8,791,001 shares in the company, valued at $175,820,020. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Jefferies Financial Group upped their price target on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Benchmark increased their target price on shares of Sable Offshore from $24.00 to $37.00 and gave the stock a “buy” rating in a research report on Tuesday.

Sable Offshore Stock Down 3.7 %

The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48. The business has a 50 day moving average price of $18.18 and a 200-day moving average price of $14.73.

Sable Offshore (NYSE:SOC) last posted its earnings results on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). Equities analysts predict that Sable Offshore Corp. will post -2.82 earnings per share for the current year.

Hedge Funds Weigh In On Sable Offshore

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fayez Sarofim & Co purchased a new position in Sable Offshore in the first quarter valued at about $32,880,000. Bank of New York Mellon Corp purchased a new position in shares of Sable Offshore during the 2nd quarter valued at approximately $2,154,000. GM Advisory Group LLC acquired a new stake in shares of Sable Offshore during the second quarter worth approximately $1,634,000. Rhumbline Advisers bought a new stake in shares of Sable Offshore in the second quarter worth $862,000. Finally, Emfo LLC acquired a new stake in Sable Offshore in the second quarter valued at $371,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

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.