Sable Offshore (NYSE:SOC) Shares Gap Up - What's Next?

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $23.00, but opened at $27.05. Sable Offshore shares last traded at $26.72, with a volume of 785,838 shares traded.

Analysts Set New Price Targets

SOC has been the subject of several recent research reports. BWS Financial reissued a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Capital set a $30.00 price objective on shares of Sable Offshore in a research note on Thursday, March 27th. Benchmark reissued a "buy" rating on shares of Sable Offshore in a research note on Tuesday, March 18th. Finally, Roth Mkm initiated coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They issued a "buy" rating and a $30.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $27.50.

Sable Offshore Stock Performance

The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The business's fifty day simple moving average is $21.79 and its two-hundred day simple moving average is $23.21.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the transaction, the insider now directly owns 10,100,569 shares of the company's stock, valued at $256,251,435.53. The trade was a 1.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 14.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

Institutional investors have recently modified their holdings of the business. Summit Securities Group LLC acquired a new position in Sable Offshore in the 4th quarter valued at $53,000. IFP Advisors Inc acquired a new position in shares of Sable Offshore during the 4th quarter worth $81,000. US Bancorp DE grew its stake in shares of Sable Offshore by 62.2% during the 1st quarter. US Bancorp DE now owns 3,281 shares of the company's stock worth $83,000 after purchasing an additional 1,258 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Sable Offshore by 3,686.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,430 shares of the company's stock worth $112,000 after purchasing an additional 4,313 shares during the period. Finally, Salem Investment Counselors Inc. grew its stake in shares of Sable Offshore by 81.8% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company's stock worth $114,000 after purchasing an additional 2,250 shares during the period. 26.19% of the stock is 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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