Sable Offshore (NYSE:SOC) Trading Up 8.9% – Time to Buy?

Sable Offshore Corp. (NYSE:SOC)’s share price rose 8.9% on Friday . The stock traded as high as $4.49 and last traded at $4.4860. Approximately 544,099 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 3,360,955 shares. The stock had previously closed at $4.12.

Analyst Ratings Changes

A number of research firms have issued reports on SOC. Benchmark cut their price objective on shares of Sable Offshore from $47.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, November 4th. Roth Capital reissued a “buy” rating and set a $22.00 price target on shares of Sable Offshore in a research report on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Finally, Jefferies Financial Group cut their target price on Sable Offshore from $38.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Five research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.60.

Sable Offshore Price Performance

The stock has a market cap of $626.95 million, a price-to-earnings ratio of -1.33 and a beta of 0.46. The business’s 50-day simple moving average is $12.49 and its two-hundred day simple moving average is $21.41.

Sable Offshore (NYSE:SOC) last posted its earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). Equities research analysts forecast that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

Insider Activity

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 982,645 shares of the business’s stock in a transaction dated Wednesday, October 15th. The shares were bought at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the acquisition, the insider owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 36.36% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SOC. Penn Capital Management Company LLC increased its stake in shares of Sable Offshore by 24.2% in the third quarter. Penn Capital Management Company LLC now owns 37,130 shares of the company’s stock valued at $648,000 after buying an additional 7,232 shares during the period. Caitong International Asset Management Co. Ltd boosted its holdings in Sable Offshore by 2,673.7% in the third quarter. Caitong International Asset Management Co. Ltd now owns 7,711 shares of the company’s stock valued at $135,000 after acquiring an additional 7,433 shares during the last quarter. GM Advisory Group LLC increased its position in Sable Offshore by 1.0% during the 3rd quarter. GM Advisory Group LLC now owns 1,023,149 shares of the company’s stock valued at $17,864,000 after purchasing an additional 9,794 shares during the period. NewEdge Advisors LLC raised its holdings in Sable Offshore by 846.7% during the 3rd quarter. NewEdge Advisors LLC now owns 23,176 shares of the company’s stock worth $405,000 after purchasing an additional 20,728 shares during the last quarter. Finally, Scientech Research LLC raised its holdings in Sable Offshore by 142.4% during the 3rd quarter. Scientech Research LLC now owns 37,978 shares of the company’s stock worth $663,000 after purchasing an additional 22,312 shares during the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

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.