Sable Offshore Corp. (NYSE:SOC) Short Interest Up 33.8% in April

Sable Offshore Corp. (NYSE:SOC - Get Free Report) was the target of a significant growth in short interest in April. As of April 15th, there was short interest totalling 11,400,000 shares, a growth 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 short-interest ratio is currently 7.1 days.

Analyst Ratings Changes

SOC has been the topic of a number of analyst reports. Roth Capital set a $30.00 target price on shares of Sable Offshore in a research report on Thursday, March 27th. Benchmark reissued a "buy" rating on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Mkm initiated coverage on Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 price target on the stock. Finally, BWS Financial reiterated a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, March 18th. One investment 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 stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $27.50.

Sable Offshore Price Performance

Shares of NYSE SOC traded up $0.41 during trading hours on Friday, hitting $20.42. The company's stock had a trading volume of 1,236,152 shares, compared to its average volume of 1,132,994. Sable Offshore has a 12 month low of $10.40 and a 12 month high of $32.33. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. The business has a 50-day simple moving average of $22.45 and a 200-day simple moving average of $23.13.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the stock in a transaction that occurred on 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 transaction, the insider now directly owns 10,100,569 shares in the company, valued at $256,251,435.53. This trade represents a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 14.30% of the company's stock.

Institutional Investors Weigh In On Sable Offshore

Large investors have recently made changes to their positions in the business. Arizona State Retirement System raised its holdings in shares of Sable Offshore by 34.8% during the first quarter. Arizona State Retirement System now owns 12,778 shares of the company's stock valued at $324,000 after acquiring an additional 3,297 shares in the last quarter. Trek Financial LLC bought a new position in Sable Offshore in the 1st quarter worth $648,000. U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Sable Offshore in the 1st quarter worth about $987,000. RedJay Asset Management Inc. bought a new stake in shares of Sable Offshore during the 1st quarter valued at about $4,567,000. Finally, Argent Advisors Inc. purchased a new position in shares of Sable Offshore during the first quarter valued at about $254,000. 26.19% of the stock is currently owned by institutional investors.

About Sable Offshore

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.