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

Key Points

• Sable Offshore gapped up to open at $13.59 from a $13.14 close and last traded at $13.2850 (up ~2.2%) on volume of 405,393 shares. The company reported Q results of ($0.39) EPS, beating the ($0.59) consensus.
• Analysts are mixed: three Buys, one Hold and two Sells give an average rating of Hold with an average target price of $19.50, while Jefferies raised its target to $30.
• Insider selling: Two insiders (including EVP Gregory Patrinely) sold 279,081 shares each at $16.69 on March 31, and insiders have sold 837,243 shares (~$13.97M) over the last three months, though insiders still own 36.36% of the company.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $13.14, but opened at $13.59. Sable Offshore shares last traded at $13.2850, with a volume of 405,393 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SOC shares. Roth Mkm reiterated a "buy" rating on shares of Sable Offshore in a research note on Wednesday, December 24th. TD Cowen reiterated a "buy" rating on shares of Sable Offshore in a research note on Thursday, December 18th. Jefferies Financial Group increased their price objective on shares of Sable Offshore from $28.00 to $30.00 and gave the company a "buy" rating in a research note on Monday, March 30th. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a research note on Thursday, March 5th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Sable Offshore currently has an average rating of "Hold" and an average target price of $19.50.

Sable Offshore Stock Up 2.2%

The stock has a market capitalization of $1.98 billion, a P/E ratio of -3.21 and a beta of -0.10. The stock's 50 day moving average price is $12.50 and its 200-day moving average price is $10.92.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.59) by $0.20. Analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, EVP Gregory D. Patrinely sold 279,081 shares of the firm's stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the sale, the executive vice president directly owned 442,794 shares in the company, valued at $7,390,231.86. This trade represents a 38.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anthony Duenner sold 279,081 shares of the firm's stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the sale, the insider owned 470,919 shares of the company's stock, valued at approximately $7,859,638.11. This trade represents a 37.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 837,243 shares of company stock worth $13,973,586 over the last three months. Corporate insiders own 36.36% of the company's stock.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors have recently bought and sold shares of SOC. HUB Investment Partners LLC purchased a new position in shares of Sable Offshore in the third quarter worth $1,659,000. Union Square Park Capital Management LLC purchased a new position in shares of Sable Offshore in the third quarter worth $2,383,000. CenterBook Partners LP purchased a new position in shares of Sable Offshore in the third quarter worth $2,864,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Sable Offshore in the third quarter worth $6,752,000. Finally, Trek Financial LLC purchased a new position in shares of Sable Offshore in the third quarter worth $4,652,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Company Profile

Sable Offshore NYSE: SOC is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.

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