Sable Offshore (NYSE:SOC) Sees Unusually-High Trading Volume - What's Next?

Sable Offshore Corp. (NYSE:SOC - Get Free Report) saw strong trading volume on Wednesday . 1,513,495 shares were traded during trading, an increase of 9% from the previous session's volume of 1,387,728 shares.The stock last traded at $22.99 and had previously closed at $24.04.

Analyst Upgrades and Downgrades

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

Sable Offshore Trading Up 5.3%

The business's fifty day moving average price is $23.33 and its 200-day moving average price is $24.11. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $78.00 million for the quarter, compared to analysts' expectations of $21.00 million. On average, equities research analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm's 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 sale, the insider now owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. This trade represents a 1.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 36.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sable Offshore

Institutional investors have recently added to or reduced their stakes in the stock. SVB Wealth LLC purchased a new position in shares of Sable Offshore in the first quarter valued at $29,000. Quantbot Technologies LP bought a new stake in shares of Sable Offshore in the 1st quarter valued at about $48,000. Summit Securities Group LLC bought a new stake in shares of Sable Offshore in the 4th quarter valued at about $53,000. NewEdge Advisors LLC raised its holdings in shares of Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after purchasing an additional 650 shares in the last quarter. Finally, IFP Advisors Inc purchased a new position in shares of Sable Offshore in the 4th quarter worth approximately $81,000. 26.19% of the stock is owned by hedge funds and other 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.