Sable Offshore (NYSE:SOC) Shares Gap Up After Analyst Upgrade

Shares of Sable Offshore Corp. (NYSE:SOC) gapped up prior to trading on Tuesday after Benchmark raised their price target on the stock from $37.00 to $47.00. The stock had previously closed at $33.02, but opened at $33.93. Benchmark currently has a buy rating on the stock. Sable Offshore shares last traded at $34.50, with a volume of 311,559 shares.

Other research analysts have also recently issued reports about the company. Roth Capital set a $30.00 target price on Sable Offshore in a research report on Thursday, March 27th. Roth Mkm started coverage on Sable Offshore in a research report on Thursday, March 27th. They issued a “buy” rating and a $30.00 target price for the company. Finally, BWS Financial reissued a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $29.17.

Insider Activity

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction dated Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the transaction, the insider now directly owns 10,100,569 shares of the company’s stock, valued at $256,251,435.53. The trade was a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 14.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SOC. SVB Wealth LLC bought a new position in shares of Sable Offshore in the first quarter valued at about $29,000. Quantbot Technologies LP bought a new position in shares of Sable Offshore in the first quarter valued at about $48,000. Summit Securities Group LLC bought a new position in shares of Sable Offshore in the fourth quarter valued at about $53,000. NewEdge Advisors LLC raised its holdings in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares during the last quarter. Finally, IFP Advisors Inc bought a new position in shares of Sable Offshore in the fourth quarter valued at about $81,000. 26.19% of the stock is owned by institutional investors.

Sable Offshore Price Performance

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 fifty day moving average of $22.62 and a 200-day moving average of $23.58.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data 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 business had revenue of $78.00 million during the quarter, compared to analysts’ expectations of $21.00 million. As a group, sell-side analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

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.