Sable Offshore (NYSE:SOC) Shares Gap Up to $10.74

Sable Offshore Corp. (NYSE:SOC) gapped up before the market opened on Monday . The stock had previously closed at $10.74, but opened at $11.22. Sable Offshore shares last traded at $10.93, with a volume of 71,560 shares traded.

Wall Street Analysts Forecast Growth

Separately, TD Cowen started coverage on Sable Offshore in a report on Monday, February 26th. They set an “outperform” rating and a $20.00 price target on the stock.

Sable Offshore Stock Performance

The company’s 50-day moving average is $11.19.

Insider Activity

In related news, Director Christopher Binyon Sarofim acquired 6,000,000 shares of Sable Offshore stock in a transaction that occurred on Wednesday, February 14th. The shares were purchased at an average cost of $10.00 per share, for a total transaction of $60,000,000.00. Following the acquisition, the director now owns 3,000,000 shares in the company, valued at $30,000,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Sable Offshore news, Director Christopher Binyon Sarofim acquired 6,000,000 shares of the stock in a transaction dated Wednesday, February 14th. The stock was acquired at an average price of $10.00 per share, with a total value of $60,000,000.00. Following the completion of the purchase, the director now owns 3,000,000 shares in the company, valued at approximately $30,000,000. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President James Caldwell Flores purchased 300,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was acquired at an average cost of $10.00 per share, with a total value of $3,000,000.00. Following the transaction, the president now directly owns 371,875 shares in the company, valued at $3,718,750. The disclosure for this purchase can be found here. Corporate insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

A hedge fund recently bought a new stake in Sable Offshore stock. Clarus Group Inc. acquired a new position in shares of Sable Offshore Corp. (NYSE:SOC) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 29,613 shares of the company’s stock, valued at approximately $325,000. 26.19% of the stock is currently 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. It operates through three platforms located offshore California and an onshore processing facility comprised of 16 federal leases across approximately 76,000 acres. The company was formerly known as Flame Acquisition Corp.