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

Key Points

• Sable Offshore (NYSE:SOC) shares gapped up Friday, opening at $10.69 (prior close $9.02) and last trading at $10.79 on about 1.98 million shares, a roughly 19.3% rise.
• Analysts are mixed — five Buys and two Sells — producing a consensus rating of Hold with a consensus target price of $19.60 (Benchmark recently set a $20 target).
• The company is unprofitable (quarterly EPS -$1.11, FY estimate -6.39) with a market cap of $1.56B and negative PE, yet major shareholder Global Icav Pilgrim bought 982,645 shares and insiders now own 36.36% of the stock.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $9.02, but opened at $10.69. Sable Offshore shares last traded at $10.79, with a volume of 1,981,844 shares trading hands.

Analysts Set New Price Targets

Several research firms recently weighed in on SOC. Roth Capital reiterated a "buy" rating on shares of Sable Offshore in a report on Wednesday, December 24th. Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a research report on Thursday, October 30th. Benchmark reiterated a "buy" rating and issued a $20.00 price objective on shares of Sable Offshore in a report on Friday. Cowen reissued a "buy" rating on shares of Sable Offshore in a research note on Thursday, December 18th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a research report on Monday. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $19.60.

Sable Offshore Stock Up 19.3%

The business's 50 day simple moving average is $6.92 and its 200 day simple moving average is $17.81. The company has a market capitalization of $1.56 billion, a PE ratio of -3.31 and a beta of 0.39.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing analysts' consensus estimates of ($0.90) by ($0.21). On average, analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim acquired 982,645 shares of Sable Offshore stock in a transaction on Wednesday, October 15th. The shares were bought at an average price of $15.04 per share, with a total value of $14,778,980.80. Following the completion of the purchase, the insider owned 10,933,394 shares in the company, valued at $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 36.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Encompass Capital Advisors LLC lifted its holdings in Sable Offshore by 83.8% during the 2nd quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company's stock worth $108,845,000 after purchasing an additional 2,257,069 shares during the last quarter. Capital International Investors acquired a new position in Sable Offshore in the 3rd quarter valued at $31,499,000. Cooper Creek Partners Management LLC bought a new position in Sable Offshore during the 2nd quarter worth $24,465,000. Bank of America Corp DE lifted its holdings in shares of Sable Offshore by 329.8% during the second quarter. Bank of America Corp DE now owns 1,124,427 shares of the company's stock worth $24,715,000 after buying an additional 862,810 shares in the last quarter. Finally, Two Seas Capital LP bought a new stake in shares of Sable Offshore in the second quarter valued at about $9,708,000. Institutional investors and hedge funds own 26.19% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.