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

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $22.15, but opened at $23.30. Sable Offshore shares last traded at $22.25, with a volume of 388,754 shares.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SOC. BWS Financial reiterated a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, May 13th. Roth Mkm began coverage on Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 price target on the stock. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. Roth Capital set a $37.00 target price on shares of Sable Offshore and gave the stock a "buy" rating in a research report on Friday, May 23rd. Finally, Benchmark lifted their target price on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a report on Tuesday, May 20th. One analyst has rated the stock with a sell rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $30.33.

Sable Offshore Stock Down 0.9%

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 business has a 50-day simple moving average of $24.04 and a two-hundred day simple moving average of $24.13.

Sable Offshore (NYSE:SOC - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) 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 the consensus estimate of $21.00 million. As a group, research analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Transactions at Sable Offshore

In related 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 stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the transaction, the insider now directly owns 10,100,569 shares of the company's stock, valued at $256,251,435.53. This trade represents a 1.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 36.36% of the company's stock.

Institutional Trading of Sable Offshore

Several large investors have recently bought and sold shares of SOC. SVB Wealth LLC purchased a new stake in shares of Sable Offshore in the 1st quarter worth about $29,000. Quantbot Technologies LP purchased a new stake in Sable Offshore in the 1st quarter valued at approximately $48,000. Summit Securities Group LLC acquired a new stake in Sable Offshore during the 4th quarter valued at $53,000. NewEdge Advisors LLC increased its position in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock worth $62,000 after buying an additional 650 shares in the last quarter. Finally, IFP Advisors Inc purchased a new position in Sable Offshore during the fourth quarter worth $81,000. Institutional investors and hedge funds own 26.19% of the company's stock.

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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