Sable Offshore (NYSE:SOC) Shares Gap Up – Still a Buy?

Sable Offshore Corp. (NYSE:SOC)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $22.15, but opened at $23.30. Sable Offshore shares last traded at $22.25, with a volume of 388,754 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Benchmark raised their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday, May 20th. Roth Capital set a $37.00 target price on shares of Sable Offshore and gave the stock a “buy” rating in a research report on Friday, May 23rd. Jefferies Financial Group reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Monday, May 26th. Roth Mkm began coverage on Sable Offshore in a report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price target for the company. Finally, BWS Financial restated a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Sable Offshore currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.33.

Sable Offshore Trading Down 0.9%

The stock’s fifty day simple moving average is $24.04 and its two-hundred day simple moving average is $24.13. The company has a quick ratio of 1.57, a current ratio of 1.67 and a debt-to-equity ratio of 3.04.

Sable Offshore (NYSE:SOC) last issued its earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate 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. Sell-side analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insider Transactions at Sable Offshore

In related 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 approximately $256,251,435.53. The trade was a 1.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 36.36% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Toronto Dominion Bank purchased a new stake in shares of Sable Offshore in the fourth quarter worth about $344,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Sable Offshore during the fourth quarter valued at approximately $354,000. Emerald Advisers LLC acquired a new position in shares of Sable Offshore during the fourth quarter worth $6,700,000. FNY Investment Advisers LLC boosted its stake in shares of Sable Offshore by 1,190.1% in the first quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company’s stock valued at $382,000 after purchasing an additional 13,924 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Sable Offshore during the 4th quarter valued at $1,177,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

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.