Sable Offshore (NYSE:SOC) Shares Gap Up – Here’s Why

Sable Offshore Corp. (NYSE:SOC)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $20.88, but opened at $21.59. Sable Offshore shares last traded at $21.09, with a volume of 108,876 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. Johnson Rice initiated coverage on Sable Offshore in a research report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective on the stock. Jefferies Financial Group increased their price objective on Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Benchmark restated a “buy” rating and set a $37.00 price target on shares of Sable Offshore in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Price Performance

The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The firm has a fifty day simple moving average of $21.57 and a two-hundred day simple moving average of $18.93.

Insider Activity

In other news, major shareholder Global Icav Pilgrim bought 750,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was bought at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the purchase, the insider now directly owns 8,791,001 shares in the company, valued at $175,820,020. This trade represents a 9.33 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Amalgamated Bank purchased a new position in Sable Offshore during the second quarter valued at $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Sable Offshore during the second quarter valued at $86,000. US Bancorp DE raised its stake in Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after buying an additional 3,758 shares during the last quarter. Covestor Ltd purchased a new position in Sable Offshore during the third quarter valued at $130,000. Finally, Spartan Fund Management Inc. bought a new stake in shares of Sable Offshore in the 2nd quarter worth $162,000. 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.