Sable Offshore Corp. (NYSE:SOC - Get Free Report) saw an uptick in trading volume on Wednesday . 3,553,548 shares were traded during trading, an increase of 170% from the previous session's volume of 1,314,660 shares.The stock last traded at $27.95 and had previously closed at $32.93.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on SOC. Benchmark increased their target price on Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. BWS Financial reiterated a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, May 13th. Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a research report on Monday. Roth Capital set a $37.00 target price on shares of Sable Offshore and gave the stock a "buy" rating in a report on Friday, May 23rd. Finally, Roth Mkm began coverage on Sable Offshore in a report on Thursday, March 27th. They issued a "buy" rating and a $30.00 price target on the stock. 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.com, Sable Offshore currently has an average rating of "Moderate Buy" and a consensus price target of $30.33.
Check Out Our Latest Research Report on SOC
Sable Offshore Price Performance
The company has a 50-day moving average price of $23.44 and a 200-day moving average price of $23.99. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.
Sable Offshore (NYSE:SOC - Get Free Report) last announced its earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate 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. On average, analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current year.
Insider Buying and Selling at Sable Offshore
In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business's stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the sale, the insider now owns 10,100,569 shares of the company's stock, valued at approximately $256,251,435.53. The trade was a 1.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 36.36% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the company. Barclays PLC boosted its position in shares of Sable Offshore by 342.9% in the 3rd quarter. Barclays PLC now owns 77,583 shares of the company's stock valued at $1,832,000 after purchasing an additional 60,065 shares during the period. SG Americas Securities LLC raised its stake in shares of Sable Offshore by 42.0% during the 4th quarter. SG Americas Securities LLC now owns 24,783 shares of the company's stock worth $568,000 after purchasing an additional 7,332 shares in the last quarter. Bleakley Financial Group LLC bought a new position in shares of Sable Offshore in the 4th quarter valued at approximately $1,562,000. Clarus Group Inc. raised its stake in shares of Sable Offshore by 21.7% in the 4th quarter. Clarus Group Inc. now owns 42,070 shares of the company's stock valued at $963,000 after acquiring an additional 7,488 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in Sable Offshore by 5.0% in the 4th quarter. Rhumbline Advisers now owns 66,413 shares of the company's stock valued at $1,521,000 after buying an additional 3,140 shares during the last quarter. Institutional investors own 26.19% of the company's stock.
About Sable Offshore
(
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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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