Sable Offshore (NYSE:SOC) Stock Price Up 8.9% – Should You Buy?

Sable Offshore Corp. (NYSE:SOC)’s stock price shot up 8.9% during mid-day trading on Thursday . The company traded as high as $9.43 and last traded at $9.3780. 3,414,868 shares were traded during trading, a decline of 69% from the average session volume of 11,172,673 shares. The stock had previously closed at $8.61.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Cowen reiterated a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Thursday. Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Finally, Roth Capital reaffirmed a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $19.60.

Sable Offshore Trading Up 7.8%

The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of -2.83 and a beta of 0.40. The firm’s fifty day moving average price is $6.69 and its 200 day moving average price is $17.43.

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

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim bought 982,645 shares of the stock in a transaction that occurred on Wednesday, October 15th. The stock was bought at an average cost of $15.04 per share, for a total transaction of $14,778,980.80. Following the acquisition, the insider directly owned 10,933,394 shares of the company’s stock, valued at $164,438,245.76. The trade was a 9.88% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 36.36% of the company’s stock.

Institutional Trading of Sable Offshore

Several hedge funds have recently made changes to their positions in SOC. JPMorgan Chase & Co. grew its holdings in shares of Sable Offshore by 389.3% in the third quarter. JPMorgan Chase & Co. now owns 159,238 shares of the company’s stock valued at $2,780,000 after purchasing an additional 126,692 shares in the last quarter. FNY Investment Advisers LLC boosted its position in Sable Offshore by 380.3% in the 3rd quarter. FNY Investment Advisers LLC now owns 88,490 shares of the company’s stock valued at $1,545,000 after buying an additional 70,068 shares during the period. Penn Capital Management Company LLC grew 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 worth $648,000 after acquiring an additional 7,232 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of Sable Offshore by 2,673.7% during the third quarter. Caitong International Asset Management Co. Ltd now owns 7,711 shares of the company’s stock worth $135,000 after acquiring an additional 7,433 shares during the period. Finally, GM Advisory Group LLC raised its stake in shares of Sable Offshore by 1.0% in the third quarter. GM Advisory Group LLC now owns 1,023,149 shares of the company’s stock valued at $17,864,000 after acquiring an additional 9,794 shares in the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Company Profile

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.