Sable Offshore Corp. (NYSE:SOC) Sees Large Growth in Short Interest

Sable Offshore Corp. (NYSE:SOC - Get Free Report) saw a large increase in short interest in April. As of April 15th, there was short interest totalling 11,400,000 shares, an increase of 33.8% from the March 31st total of 8,520,000 shares. Approximately 16.7% of the shares of the stock are sold short. Based on an average daily volume of 1,600,000 shares, the days-to-cover ratio is currently 7.1 days.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company's stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 14.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sable Offshore

Hedge funds have recently added to or reduced their stakes in the business. Encompass Capital Advisors LLC grew its stake in shares of Sable Offshore by 128.9% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock worth $32,060,000 after purchasing an additional 788,495 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Sable Offshore by 23.6% in the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock valued at $79,832,000 after buying an additional 665,407 shares during the last quarter. Emerald Advisers LLC acquired a new stake in shares of Sable Offshore in the fourth quarter valued at about $6,700,000. Harraden Circle Investments LLC bought a new position in shares of Sable Offshore during the fourth quarter worth about $5,038,000. Finally, Bridgewater Associates LP acquired a new position in shares of Sable Offshore in the fourth quarter worth approximately $4,693,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Stock Performance

Sable Offshore stock traded up $0.61 during trading hours on Thursday, hitting $20.92. The stock had a trading volume of 1,995,229 shares, compared to its average volume of 1,147,014. The business's 50 day simple moving average is $21.95 and its 200-day simple moving average is $23.13. Sable Offshore has a one year low of $10.40 and a one year high of $32.33. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Analyst Ratings Changes

Several analysts recently issued reports on SOC shares. Roth Mkm assumed 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 on the stock. BWS Financial reiterated a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Capital set a $30.00 price objective on Sable Offshore in a research report on Thursday, March 27th. Finally, Benchmark reissued a "buy" rating on shares of Sable Offshore in a research note on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $27.50.

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.