Sable Offshore (NYSE:SOC) Sees Unusually-High Trading Volume

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares saw an uptick in trading volume on Wednesday . 255,424 shares changed hands during trading, an increase of 142% from the previous session's volume of 105,568 shares.The stock last traded at $10.71 and had previously closed at $10.91.

Analyst Upgrades and Downgrades

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

Sable Offshore Stock Performance

The firm's fifty day simple moving average is $11.50.

Insider Activity

In related news, Director Christopher Binyon Sarofim acquired 6,000,000 shares of Sable Offshore stock in a transaction that occurred on Wednesday, February 14th. The stock was acquired at an average price of $10.00 per share, with a total value 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 acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Christopher Binyon Sarofim acquired 6,000,000 shares of Sable Offshore stock in a transaction that occurred on Wednesday, February 14th. The stock was acquired at an average price of $10.00 per share, with a total value 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 acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President James Caldwell Flores acquired 300,000 shares of Sable Offshore stock in a transaction that occurred on Wednesday, February 14th. The stock was bought at an average cost of $10.00 per share, with a total value 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 disclosure for this purchase can be found here. Corporate 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.