Sable Offshore (NYSE:SOC) Trading 8.8% Higher – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC)’s share price rose 8.8% during mid-day trading on Friday . The company traded as high as $23.03 and last traded at $22.82. Approximately 623,167 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 1,149,172 shares. The stock had previously closed at $20.97.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Roth Capital set a $30.00 price objective on shares of Sable Offshore in a research report on Thursday, March 27th. Benchmark reissued a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Roth Mkm assumed coverage on Sable Offshore in a research report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, BWS Financial reissued a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Sable Offshore presently has an average rating of “Moderate Buy” and an average price target of $27.50.

Sable Offshore Trading Up 9.7 %

The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. The stock has a 50 day moving average price of $21.79 and a 200-day moving average price of $23.20.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the transaction, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. This trade represents a 1.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently bought and sold shares of SOC. Encompass Capital Advisors LLC lifted its position in shares of Sable Offshore by 128.9% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock valued at $32,060,000 after buying an additional 788,495 shares in the last quarter. Vanguard Group Inc. raised its stake in Sable Offshore by 23.6% during the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock worth $79,832,000 after acquiring an additional 665,407 shares during the period. Emerald Advisers LLC purchased a new position in Sable Offshore during the fourth quarter valued at approximately $6,700,000. Harraden Circle Investments LLC bought a new position in shares of Sable Offshore in the fourth quarter worth approximately $5,038,000. Finally, Bridgewater Associates LP purchased a new stake in shares of Sable Offshore in the fourth quarter worth $4,693,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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.