Sable Offshore (NYSE:SOC) Shares Gap Up - Here's What Happened

Sable Offshore Corp. (NYSE:SOC - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $28.34, but opened at $30.50. Sable Offshore shares last traded at $28.59, with a volume of 1,112,083 shares trading hands.

Wall Street Analyst Weigh In

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

Sable Offshore Stock Performance

The company has a debt-to-equity ratio of 3.04, a quick ratio of 1.57 and a current ratio of 1.67. The firm's fifty day simple moving average is $25.17 and its 200 day simple moving average is $24.22.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its earnings results on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The business had revenue of $78.00 million for the quarter, compared to analysts' expectations of $21.00 million. On average, analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current year.

Institutional Trading of Sable Offshore

Hedge funds have recently bought and sold shares of the stock. Toronto Dominion Bank acquired a new stake in Sable Offshore during the 4th quarter worth approximately $344,000. CenterBook Partners LP acquired a new stake in shares of Sable Offshore in the first quarter valued at approximately $1,499,000. FNY Investment Advisers LLC raised its holdings in shares of Sable Offshore by 1,190.1% in the first quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company's stock valued at $382,000 after purchasing an additional 13,924 shares during the last quarter. Emerald Advisers LLC acquired a new stake in shares of Sable Offshore in the fourth quarter valued at approximately $6,700,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Sable Offshore in the fourth quarter valued at approximately $1,177,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.

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