Sable Offshore (NYSE:SOC) Stock Price Up 6.9% – Should You Buy?

Shares of Sable Offshore Corp. (NYSE:SOC) rose 6.9% during trading on Monday . The stock traded as high as $22.42 and last traded at $22.07. Approximately 215,266 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 564,245 shares. The stock had previously closed at $20.65.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SOC. BWS Financial restated a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a report on Friday. Benchmark restated a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a report on Monday, October 7th. Jefferies Financial Group boosted their price target on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, Johnson Rice started coverage on Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Sable Offshore presently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Sable Offshore Trading Up 6.8 %

The firm’s fifty day moving average is $22.36 and its 200 day moving average is $17.61. The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 750,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were acquired at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the purchase, the insider now directly owns 8,791,001 shares in the company, valued at $175,820,020. The trade was a 9.33 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 14.30% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

A number of institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in shares of Sable Offshore by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company’s stock worth $24,844,000 after buying an additional 26,934 shares during the period. Barclays PLC raised its stake in Sable Offshore by 342.9% during the third quarter. Barclays PLC now owns 77,583 shares of the company’s stock worth $1,832,000 after acquiring an additional 60,065 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Sable Offshore during the third quarter valued at $406,000. State Street Corp boosted its stake in shares of Sable Offshore by 74.3% in the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after purchasing an additional 677,426 shares in the last quarter. Finally, Himalaya Capital Management LLC acquired a new stake in shares of Sable Offshore in the 3rd quarter valued at $31,735,000. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Company Profile

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.