Sable Offshore (NYSE:SOC) Trading Up 3.7% - Still a Buy?

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shot up 3.7% during mid-day trading on Friday . The stock traded as high as $28.72 and last traded at $28.54. 425,551 shares were traded during mid-day trading, a decline of 68% from the average session volume of 1,341,309 shares. The stock had previously closed at $27.51.

Analyst Ratings Changes

SOC has been the topic of a number of recent research reports. BWS Financial reiterated a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a report on Tuesday, May 13th. Roth Capital set a $37.00 target price on Sable Offshore and gave the stock a "buy" rating in a report on Friday, May 23rd. Benchmark upped their price target on Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research report on Tuesday, May 20th. Roth Mkm assumed coverage on Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 price objective for the company. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $30.33.

Sable Offshore Trading Down 17.6%

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 company has a 50-day moving average price of $23.50 and a two-hundred day moving average price of $24.07.

Sable Offshore (NYSE:SOC - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The company had revenue of $78.00 million during the quarter, compared to analyst estimates of $21.00 million. As a group, sell-side analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the sale, the insider now directly owns 10,100,569 shares in the company, valued at $256,251,435.53. The trade was a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 36.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sable Offshore

Large investors have recently modified their holdings of the stock. SVB Wealth LLC bought a new stake in shares of Sable Offshore in the 1st quarter worth $29,000. Quantbot Technologies LP purchased a new stake in shares of Sable Offshore during the first quarter valued at $48,000. Summit Securities Group LLC bought a new stake in Sable Offshore in the 4th quarter worth about $53,000. NewEdge Advisors LLC raised 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 worth $62,000 after buying an additional 650 shares during the last quarter. Finally, US Bancorp DE raised 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 worth $83,000 after buying an additional 1,258 shares during the last quarter. Hedge funds and other 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.