Sable Offshore (NYSE:SOC) Shares Gap Up – What’s Next?

Sable Offshore Corp. (NYSE:SOC)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $23.00, but opened at $27.05. Sable Offshore shares last traded at $26.72, with a volume of 785,838 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Roth Mkm assumed coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They set a “buy” rating and a $30.00 price target on the stock. BWS Financial reiterated a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, March 18th. Roth Capital set a $30.00 price objective on shares of Sable Offshore in a research report on Thursday, March 27th. Finally, Benchmark reiterated a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Sable Offshore presently has a consensus rating of “Moderate Buy” and an average target price of $27.50.

Sable Offshore Price Performance

The stock’s 50 day moving average price is $21.79 and its 200 day moving average price is $23.21. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Insider Activity

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of Sable Offshore stock in a transaction that occurred 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 sale, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. This trade represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 14.30% of the company’s stock.

Institutional Trading of Sable Offshore

A number of hedge funds have recently made changes to their positions in SOC. JPMorgan Chase & Co. grew its position in shares of Sable Offshore by 153.6% during the third quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company’s stock worth $2,836,000 after buying an additional 72,694 shares in the last quarter. Americana Partners LLC acquired a new stake in shares of Sable Offshore during the fourth quarter worth approximately $309,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Sable Offshore during the fourth quarter worth approximately $354,000. Emerald Advisers LLC acquired a new position in Sable Offshore in the fourth quarter valued at approximately $6,700,000. Finally, Raymond James Financial Inc. bought a new position in shares of Sable Offshore during the fourth quarter valued at approximately $1,177,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.