Sable Offshore (NYSE:SOC) Shares Gap Up on Analyst Upgrade

Sable Offshore Corp. (NYSE:SOC) gapped up prior to trading on Tuesday after Benchmark raised their price target on the stock from $37.00 to $47.00. The stock had previously closed at $33.02, but opened at $33.93. Benchmark currently has a buy rating on the stock. Sable Offshore shares last traded at $34.50, with a volume of 311,559 shares traded.

SOC has been the subject of a number of other reports. BWS Financial reissued a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research report on Tuesday, May 13th. Roth Mkm started coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price target for the company. Finally, Roth Capital set a $30.00 price target on shares of Sable Offshore in a research report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.17.

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim sold 143,806 shares of the stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. 14.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOC. Encompass Capital Advisors LLC grew its holdings in Sable Offshore by 92.5% during the first quarter. Encompass Capital Advisors LLC now owns 2,694,954 shares of the company’s stock valued at $68,371,000 after purchasing an additional 1,294,954 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Sable Offshore by 23.6% in the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock worth $79,832,000 after acquiring an additional 665,407 shares during the last quarter. Emerald Advisers LLC acquired a new stake in shares of Sable Offshore in the fourth quarter worth $6,700,000. Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of Sable Offshore in the first quarter worth $6,627,000. Finally, Harraden Circle Investments LLC acquired a new stake in shares of Sable Offshore in the fourth quarter worth $5,038,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Sable Offshore Stock Performance

The firm’s 50 day moving average price is $22.62 and its 200-day moving average price is $23.58. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The firm had revenue of $78.00 million for the quarter, compared to analyst estimates of $21.00 million. On average, sell-side analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current year.

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.