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

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price gapped up prior to trading 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 changing hands.

Analyst Ratings Changes

SOC has been the subject of a number of research reports. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Benchmark raised their price target 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. Roth Capital set a $37.00 price objective on shares of Sable Offshore and gave the stock a "buy" rating in a research note on Friday, May 23rd. Roth Mkm initiated coverage on Sable Offshore in a 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 set a $6.00 target price on shares of Sable Offshore in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Sable Offshore has a consensus rating of "Moderate Buy" and an average price target of $30.33.

Sable Offshore Stock Up 2.2%

The company's 50-day moving average price is $24.21 and its two-hundred day moving average price is $24.12. The company has a debt-to-equity ratio of 3.04, a quick ratio of 1.57 and a current ratio of 1.67.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The business had revenue of $78.00 million during the quarter, compared to analysts' expectations of $21.00 million. As a group, research analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 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 completion of the sale, the insider now 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 sale was disclosed in a filing with the SEC, which is available through this link. 36.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

Large investors have recently bought and sold shares of the stock. Toronto Dominion Bank acquired a new position in shares of Sable Offshore during the fourth quarter valued at about $344,000. Y Intercept Hong Kong Ltd acquired a new stake in Sable Offshore in the fourth quarter valued at approximately $354,000. Emerald Advisers LLC bought a new stake in shares of Sable Offshore during the fourth quarter valued at approximately $6,700,000. FNY Investment Advisers LLC raised its position in shares of Sable Offshore by 1,190.1% during the first quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company's stock worth $382,000 after purchasing an additional 13,924 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Sable Offshore in the 4th quarter valued at $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.