Sable Offshore (NYSE:SOC) Shares Up 8.1% – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shot up 8.1% on Friday . The company traded as high as $14.76 and last traded at $14.86. 1,622,465 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 5,881,662 shares. The stock had previously closed at $13.75.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SOC. Wall Street Zen raised Sable Offshore from a “strong sell” rating to a “sell” rating in a research note on Saturday, April 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th. Finally, Jefferies Financial Group lowered their price target on Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, April 22nd. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $22.00.

Sable Offshore Stock Performance

The business has a 50-day simple moving average of $14.81 and a 200 day simple moving average of $10.45. The firm has a market cap of $2.35 billion, a P/E ratio of -3.56 and a beta of -0.22.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The business had revenue of $1.27 million during the quarter, compared to analyst estimates of $16.10 million. On average, research analysts expect that Sable Offshore Corp. will post 0.86 EPS for the current year.

Insiders Place Their Bets

In other Sable Offshore news, insider Anthony Duenner sold 279,081 shares of the company’s stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the transaction, the insider owned 470,919 shares in the company, valued at approximately $7,859,638.11. This represents a 37.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO James Caldwell Flores sold 279,081 shares of the company’s stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the chief operating officer owned 442,794 shares in the company, valued at $7,390,231.86. This trade represents a 38.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,077,406 shares of company stock worth $17,202,083. Company insiders own 36.36% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. HUB Investment Partners LLC purchased a new position in shares of Sable Offshore during the 3rd quarter worth approximately $1,659,000. Union Square Park Capital Management LLC purchased a new position in shares of Sable Offshore during the 3rd quarter worth approximately $2,383,000. CenterBook Partners LP purchased a new position in shares of Sable Offshore during the 3rd quarter worth approximately $2,864,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Sable Offshore during the 3rd quarter worth approximately $6,752,000. Finally, Trek Financial LLC purchased a new position in shares of Sable Offshore during the 3rd quarter worth approximately $4,652,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

About Sable Offshore

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.