Sable Offshore (NYSE:SOC) Stock Price Up 4.6% - Here's Why

Key Points

• Shares of Sable Offshore Corp. (NYSE:SOC) increased by 4.6% on Friday, reaching a peak of $24.36 before closing at $24.21, despite a 65% decline in trading volume compared to its average.
• Analysts have given Sable Offshore a consensus rating of "Moderate Buy" with a target price of $30.00, while Benchmark recently raised their price target from $37.00 to $47.00.
• The company reported earnings of ($1.10) per share for the last quarter, missing expectations, and is expected to post ($6.39) earnings per share for the current year.

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price rose 4.6% during trading on Friday . The company traded as high as $24.36 and last traded at $24.21. Approximately 798,109 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 2,304,830 shares. The stock had previously closed at $23.15.

Wall Street Analysts Forecast Growth

SOC has been the topic of a number of research reports. Roth Capital set a $37.00 price target on Sable Offshore and gave the stock a "buy" rating in a research note on Friday, May 23rd. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. Finally, Benchmark lifted their target price on Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research report on Tuesday, May 20th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $30.00.

Sable Offshore Price Performance

The business has a 50-day moving average of $26.77 and a 200 day moving average of $24.72.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.44). As a group, analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $21.98, for a total value of $3,674,506.50. Following the transaction, the insider owned 9,933,394 shares of the company's stock, valued at $218,336,000.12. This represents a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 36.36% of the stock is currently owned by company insiders.

Institutional Trading of Sable Offshore

Several hedge funds and other institutional investors have recently bought and sold shares of SOC. Encompass Capital Advisors LLC boosted its position 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 valued at $108,845,000 after acquiring an additional 2,257,069 shares in the last quarter. Cooper Creek Partners Management LLC purchased a new stake in shares of Sable Offshore during the 2nd quarter valued at $24,465,000. Bank of America Corp DE lifted its holdings in shares of Sable Offshore by 329.8% during the 2nd quarter. Bank of America Corp DE now owns 1,124,427 shares of the company's stock valued at $24,715,000 after purchasing an additional 862,810 shares during the last quarter. Two Seas Capital LP purchased a new stake in shares of Sable Offshore during the 2nd quarter valued at $9,708,000. Finally, State Street Corp lifted its holdings in shares of Sable Offshore by 16.1% during the 2nd quarter. State Street Corp now owns 3,035,292 shares of the company's stock valued at $66,716,000 after purchasing an additional 420,433 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.