Sable Offshore (NYSE:SOC) Shares Gap Up After Insider Buying Activity

Key Points

• Sable Offshore Corp. share prices jumped from $11.81 to $13.70 due to insider buying activity, with shares last trading at $12.93.
• Major shareholder Global Icav Pilgrim increased their stake by purchasing 982,645 shares at an average cost of $15.04 each, raising their total ownership to approximately 10.93 million shares.
• Sable Offshore has received mixed analyst ratings, with a "buy" rating from Roth Capital at a target price of $28, while Weiss Ratings issued a "sell" rating, resulting in an average rating of "Moderate Buy."

Sable Offshore Corp. (NYSE:SOC - Get Free Report) gapped up prior to trading on Monday after an insider bought additional shares in the company. The stock had previously closed at $11.81, but opened at $13.70. Sable Offshore shares last traded at $12.93, with a volume of 1,951,758 shares changing hands.

Specifically, major shareholder Global Icav Pilgrim bought 982,645 shares of Sable Offshore stock in a transaction that occurred on Wednesday, October 15th. The stock was bought at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the acquisition, the insider owned 10,933,394 shares of the company's stock, valued at $164,438,245.76. The trade was a 9.88% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Analyst Ratings Changes

SOC has been the subject of several analyst reports. Roth Capital reissued a "buy" rating and issued a $28.00 target price on shares of Sable Offshore in a report on Wednesday, October 15th. Weiss Ratings reissued a "sell (d)" rating on shares of Sable Offshore in a report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, Sable Offshore currently has an average rating of "Moderate Buy" and a consensus target price of $28.20.

Sable Offshore Stock Up 8.8%

The company has a 50 day simple moving average of $22.94 and a two-hundred day simple moving average of $23.79.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.44). On average, equities analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOC. CenterBook Partners LP bought a new position in shares of Sable Offshore during the 1st quarter valued at approximately $1,499,000. Allspring Global Investments Holdings LLC bought a new position in shares of Sable Offshore during the 1st quarter valued at approximately $295,000. RedJay Asset Management Inc. bought a new position in shares of Sable Offshore during the 1st quarter valued at approximately $4,567,000. Encompass Capital Advisors LLC boosted its position in shares of Sable Offshore by 92.5% during the 1st quarter. Encompass Capital Advisors LLC now owns 2,694,954 shares of the company's stock valued at $68,371,000 after acquiring an additional 1,294,954 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC bought a new position in shares of Sable Offshore during the 1st quarter valued at approximately $987,000. 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.

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