Sable Offshore (NYSE:SOC) Stock Price Up 10.5% - Still a Buy?

Key Points

• Sable Offshore Corp. stock price increased by 10.5%, reaching a high of $12.67 before last trading at $13.07.
• Analysts have a mixed outlook with a consensus target price of $28.20, as Roth Capital maintains a "buy" rating while Weiss Ratings issues a "sell" rating.
• Major shareholder Global Icav Pilgrim purchased nearly 982,645 shares, boosting their stake in the company by 9.88% to approximately 10.9 million shares.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) rose 10.5% during mid-day trading on Thursday . The company traded as high as $12.67 and last traded at $13.07. Approximately 1,343,812 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 2,726,763 shares. The stock had previously closed at $11.82.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Roth Capital reissued a "buy" rating and set a $28.00 target price on shares of Sable Offshore in a research report on Wednesday, October 15th. Weiss Ratings reissued a "sell (d)" rating on shares of Sable Offshore in a research report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $28.20.

Sable Offshore Trading Up 18.4%

The firm's 50-day moving average price is $21.95 and its 200 day moving average price is $23.59.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Research analysts expect that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 982,645 shares of Sable Offshore stock in a transaction that occurred on Wednesday, October 15th. The stock was acquired at an average price of $15.04 per share, with a total value of $14,778,980.80. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 36.36% of the company's stock.

Institutional Trading of Sable Offshore

Several hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC grew its position in Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after purchasing an additional 650 shares during the period. SVB Wealth LLC acquired a new stake in Sable Offshore in the 1st quarter valued at $29,000. Townsquare Capital LLC grew its position in Sable Offshore by 12.3% in the 1st quarter. Townsquare Capital LLC now owns 11,338 shares of the company's stock valued at $288,000 after purchasing an additional 1,242 shares during the period. US Bancorp DE grew its position in Sable Offshore by 62.2% in the 1st quarter. US Bancorp DE now owns 3,281 shares of the company's stock valued at $83,000 after purchasing an additional 1,258 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Sable Offshore by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company's stock valued at $761,000 after acquiring an additional 1,271 shares in the last quarter. Institutional investors and hedge funds 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.

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