Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares traded 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 traded hands during trading, a decline of 68% from the average session volume of 1,341,309 shares. The stock had previously closed at $27.51.
Wall Street Analyst Weigh In
Several analysts recently issued reports on the stock. 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. Roth Mkm initiated coverage on Sable Offshore in a research report on Thursday, March 27th. They issued a "buy" rating and a $30.00 price target on the stock. Jefferies Financial Group reissued a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. BWS Financial restated a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, May 13th. Finally, Benchmark lifted their price target on Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.33.
View Our Latest Stock Report on Sable Offshore
Sable Offshore Stock Performance
The business has a 50-day moving average of $23.44 and a two-hundred day moving average of $24.01. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.
Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The firm had revenue of $78.00 million for the quarter, compared to the consensus estimate of $21.00 million. On average, sell-side analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.
Insider Transactions at Sable Offshore
In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the stock in a transaction 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 owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. This represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 36.36% of the stock is owned by insiders.
Institutional Trading of Sable Offshore
Several hedge funds have recently modified their holdings of SOC. Barclays PLC grew its holdings in Sable Offshore by 342.9% during the 3rd quarter. Barclays PLC now owns 77,583 shares of the company's stock worth $1,832,000 after acquiring an additional 60,065 shares during the period. Bleakley Financial Group LLC acquired a new position in Sable Offshore in the 4th quarter worth $1,562,000. Clarus Group Inc. raised its position in Sable Offshore by 21.7% in the 4th quarter. Clarus Group Inc. now owns 42,070 shares of the company's stock valued at $963,000 after buying an additional 7,488 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Sable Offshore by 5.0% in the fourth quarter. Rhumbline Advisers now owns 66,413 shares of the company's stock valued at $1,521,000 after purchasing an additional 3,140 shares during the last quarter. Finally, Americana Partners LLC bought a new stake in Sable Offshore during the 4th quarter worth about $309,000. 26.19% of the stock is owned by institutional investors.
Sable Offshore Company Profile
(
Get Free Report)
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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