Sable Offshore Corp. (NYSE:SOC) Short Interest Down 26.8% in May

Sable Offshore Corp. (NYSE:SOC - Get Free Report) was the recipient of a large decrease in short interest in the month of May. As of May 31st, there was short interest totalling 10,150,000 shares, a decrease of 26.8% from the May 15th total of 13,860,000 shares. Based on an average daily volume of 2,220,000 shares, the days-to-cover ratio is currently 4.6 days. Currently, 13.5% of the shares of the company are short sold.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company's stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the transaction, the insider now owns 10,100,569 shares of the company's stock, valued at $256,251,435.53. This represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 36.36% of the company's stock.

Institutional Trading of Sable Offshore

Institutional investors and hedge funds have recently bought and sold shares of the business. SVB Wealth LLC acquired a new stake in shares of Sable Offshore in the first quarter valued at about $29,000. Quantbot Technologies LP purchased a new position in Sable Offshore in the 1st quarter worth approximately $48,000. Summit Securities Group LLC purchased a new position in Sable Offshore in the 4th quarter worth approximately $53,000. NewEdge Advisors LLC grew its position in Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after acquiring an additional 650 shares in the last quarter. Finally, IFP Advisors Inc acquired a new stake in Sable Offshore in the fourth quarter valued at approximately $81,000. Institutional investors and hedge funds own 26.19% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Roth Mkm initiated coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 price target for the company. Roth Capital set a $37.00 price objective on Sable Offshore and gave the company a "buy" rating in a research note on Friday, May 23rd. BWS Financial reiterated a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, May 13th. Finally, Benchmark raised their price target on Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. Based on data from MarketBeat, Sable Offshore has an average rating of "Moderate Buy" and an average target price of $30.33.

Sable Offshore Stock Down 1.6%

SOC stock opened at $22.67 on Wednesday. The company has a debt-to-equity ratio of 3.04, a quick ratio of 1.57 and a current ratio of 1.67. The business has a fifty day simple moving average of $23.81 and a 200-day simple moving average of $24.07. Sable Offshore has a 52 week low of $13.66 and a 52 week high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The business had revenue of $78.00 million during the quarter, compared to analysts' expectations of $21.00 million. As a group, analysts predict that Sable Offshore will post -6.39 earnings per share for the current year.

Sable Offshore Company Profile

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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