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

Key Points

• Sable Offshore's stock price opened at $22.22, up from a previous closing price of $20.06, with a trading volume of over 1.2 million shares.
• Analysts have mixed opinions on the stock, with a consensus rating of "Moderate Buy" and an average price target of $30.00, while one firm issued a $6.00 price objective as a sell rating.
• The company reported a quarterly loss of ($1.10) EPS, missing expectations, and insider trading showed a major shareholder reducing their position by selling 167,175 shares.

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $20.06, but opened at $22.22. Sable Offshore shares last traded at $21.75, with a volume of 1,237,097 shares.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Roth Capital set a $37.00 price objective on shares of Sable Offshore and gave the stock a "buy" rating in a report on Friday, May 23rd. Finally, Benchmark boosted their price objective on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a report on Tuesday, May 20th. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Sable Offshore has an average rating of "Moderate Buy" and a consensus target price of $30.00.

Sable Offshore Price Performance

The company's 50-day moving average price is $26.77 and its two-hundred day moving average price is $24.72.

Sable Offshore (NYSE:SOC - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.44). On average, equities research analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $21.98, for a total value of $3,674,506.50. Following the completion of the sale, the insider owned 9,933,394 shares of the company's stock, valued at approximately $218,336,000.12. The trade was a 1.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 36.36% of the company's stock.

Institutional Investors Weigh In On Sable Offshore

Institutional investors have recently modified their holdings of the business. SVB Wealth LLC bought a new stake in shares of Sable Offshore during the 1st quarter valued at about $29,000. CWM LLC grew its position in shares of Sable Offshore by 1,262.8% during the 2nd quarter. CWM LLC now owns 1,867 shares of the company's stock valued at $41,000 after buying an additional 1,730 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Sable Offshore during the 1st quarter valued at about $48,000. KBC Group NV bought a new stake in shares of Sable Offshore during the 2nd quarter valued at about $46,000. Finally, NewEdge Advisors LLC grew its position in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after buying an additional 650 shares during the last quarter. Institutional investors own 26.19% of the company's stock.

About Sable Offshore

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.