Sable Offshore (NYSE:SOC) Shares Gap Up to $10.74

Sable Offshore Corp. (NYSE:SOC - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $10.74, but opened at $11.22. Sable Offshore shares last traded at $10.93, with a volume of 71,560 shares changing hands.

Analyst Upgrades and Downgrades

Separately, TD Cowen started coverage on shares of Sable Offshore in a report on Monday, February 26th. They issued an "outperform" rating and a $20.00 price objective for the company.

Sable Offshore Trading Up 0.7 %

The company's 50 day simple moving average is $11.17.

Insiders Place Their Bets

In other news, Director Christopher Binyon Sarofim purchased 6,000,000 shares of the company's stock in a transaction that occurred on Wednesday, February 14th. The stock was purchased at an average cost of $10.00 per share, for a total transaction of $60,000,000.00. Following the completion of the transaction, the director now owns 3,000,000 shares of the company's stock, valued at $30,000,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, President James Caldwell Flores purchased 300,000 shares of the business's stock in a transaction dated Wednesday, February 14th. The stock was acquired at an average price of $10.00 per share, for a total transaction of $3,000,000.00. Following the acquisition, the president now directly owns 371,875 shares of the company's stock, valued at $3,718,750. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Christopher Binyon Sarofim acquired 6,000,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 14th. The stock was acquired at an average price of $10.00 per share, for a total transaction of $60,000,000.00. Following the completion of the acquisition, the director now directly owns 3,000,000 shares of the company's stock, valued at approximately $30,000,000. The disclosure for this purchase can be found here. 14.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sable Offshore

A hedge fund recently bought a new stake in Sable Offshore stock. Clarus Group Inc. bought a new stake in Sable Offshore Corp. (NYSE:SOC - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 29,613 shares of the company's stock, valued at approximately $325,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

About Sable Offshore

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. It operates through three platforms located offshore California and an onshore processing facility comprised of 16 federal leases across approximately 76,000 acres. The company was formerly known as Flame Acquisition Corp.