Sable Offshore (NYSE:SOC) Stock Price Down 0.5%

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares dropped 0.5% on Wednesday . The company traded as low as $10.88 and last traded at $10.95. Approximately 63,257 shares changed hands during trading, a decline of 38% from the average daily volume of 101,969 shares. The stock had previously closed at $11.00.

Analyst Upgrades and Downgrades

Separately, TD Cowen initiated coverage on shares of Sable Offshore in a report on Monday, February 26th. They set an "outperform" rating and a $20.00 target price on the stock.

Sable Offshore Trading Up 0.1 %

The business has a fifty day moving average of $11.55.

Insiders Place Their Bets

In other news, Director Christopher Binyon Sarofim acquired 6,000,000 shares of the firm's stock in a transaction dated Wednesday, February 14th. The stock was bought 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 directly owns 3,000,000 shares in the company, valued at approximately $30,000,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, President James Caldwell Flores acquired 300,000 shares of the firm's stock in a transaction dated Wednesday, February 14th. The stock was bought at an average cost of $10.00 per share, for a total transaction of $3,000,000.00. Following the completion of the transaction, the president now directly owns 371,875 shares in the company, valued at approximately $3,718,750. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christopher Binyon Sarofim acquired 6,000,000 shares of the firm's stock in a transaction dated Wednesday, February 14th. The shares were purchased at an average price of $10.00 per share, with a total value 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 disclosure for this purchase can be found here. Insiders own 14.30% 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. 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.