Sable Offshore (NYSE:SOC) Sees Strong Trading Volume – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) shares saw unusually-strong trading volume on Tuesday . Approximately 7,231,899 shares traded hands during trading, an increase of 145% from the previous session’s volume of 2,950,324 shares.The stock last traded at $5.9950 and had previously closed at $7.27.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SOC shares. Benchmark reduced their price objective on shares of Sable Offshore from $47.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday. Roth Capital set a $26.00 price target on shares of Sable Offshore in a research note on Monday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Six analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.40.

Sable Offshore Trading Down 19.3%

The firm’s 50-day moving average is $19.40 and its 200 day moving average is $23.32. The firm has a market capitalization of $583.73 million, a price-to-earnings ratio of -1.73 and a beta of 0.46.

Sable Offshore (NYSE:SOC) last posted its earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Analysts predict that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 982,645 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The shares were acquired at an average cost of $15.04 per share, for a total transaction of $14,778,980.80. Following the transaction, the insider directly owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This represents a 9.88% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 36.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds have recently added to or reduced their stakes in the business. SVB Wealth LLC acquired a new position in shares of Sable Offshore in the 1st quarter worth approximately $29,000. CWM LLC lifted its position in shares of Sable Offshore by 1,262.8% in the 2nd quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after purchasing an additional 1,730 shares during the period. KBC Group NV acquired a new position in shares of Sable Offshore in the 2nd quarter worth approximately $46,000. Quantbot Technologies LP acquired a new position in shares of Sable Offshore in the 1st quarter worth approximately $48,000. Finally, NewEdge Advisors LLC lifted its position in shares of Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares during the period. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.