Sable Offshore (NYSE:SOC) Shares Up 5.2% – Should You Buy?

Sable Offshore Corp. (NYSE:SOC)’s stock price traded up 5.2% on Tuesday . The company traded as high as $24.86 and last traded at $24.86. 494,890 shares changed hands during mid-day trading, an increase of 10% from the average session volume of 448,892 shares. The stock had previously closed at $23.63.

Analyst Ratings Changes

A number of analysts have recently issued reports on SOC shares. Benchmark raised their price target on shares of Sable Offshore from $24.00 to $37.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Jefferies Financial Group raised their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th.

Sable Offshore Stock Performance

The company has a debt-to-equity ratio of 6.48, a current ratio of 2.73 and a quick ratio of 2.46. The firm has a 50-day simple moving average of $18.98 and a 200-day simple moving average of $15.16.

Sable Offshore (NYSE:SOC) last announced its earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($2.36). As a group, equities analysts anticipate that Sable Offshore Corp. will post -2.82 EPS for the current year.

Insider Transactions at Sable Offshore

In related 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 bought at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the transaction, the insider now owns 8,791,001 shares of the company’s stock, valued at $175,820,020. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sable Offshore

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GM Advisory Group LLC purchased a new stake in shares of Sable Offshore in the second quarter worth $1,634,000. Bank of New York Mellon Corp bought a new position in Sable Offshore in the 2nd quarter worth $2,154,000. Walleye Trading LLC purchased a new stake in Sable Offshore in the 1st quarter worth $235,000. Amalgamated Bank bought a new stake in Sable Offshore during the second quarter valued at about $26,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Sable Offshore in the second quarter valued at about $86,000. 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.