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

Sable Offshore Corp. (NYSE:SOC) gapped up prior to trading on Monday . The stock had previously closed at $13.14, but opened at $13.59. Sable Offshore shares last traded at $13.2850, with a volume of 405,393 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SOC shares. Benchmark restated a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Jefferies Financial Group upped their target price on Sable Offshore from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, March 30th. Roth Mkm restated a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Finally, TD Cowen restated a “buy” rating on shares of Sable Offshore in a research note on Thursday, December 18th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $19.50.

Sable Offshore Trading Down 1.7%

The business has a fifty day moving average price of $12.67 and a 200-day moving average price of $10.82. The stock has a market capitalization of $1.88 billion, a PE ratio of -3.04 and a beta of -0.10.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.20. On average, equities analysts anticipate that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insider Transactions at Sable Offshore

In other news, COO James Caldwell Flores sold 279,081 shares of the company’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the transaction, the chief operating officer directly owned 442,794 shares in the company, valued at approximately $7,390,231.86. This represents a 38.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Anthony Duenner sold 279,081 shares of the stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the sale, the insider owned 470,919 shares of the company’s stock, valued at $7,859,638.11. This represents a 37.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 837,243 shares of company stock worth $13,973,586. 36.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors have recently bought and sold shares of SOC. Whittier Trust Co. of Nevada Inc. purchased a new stake in Sable Offshore during the 4th quarter valued at about $37,000. Aster Capital Management DIFC Ltd boosted its holdings in Sable Offshore by 263.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after acquiring an additional 3,790 shares during the period. NewEdge Advisors LLC boosted its holdings in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after acquiring an additional 650 shares during the period. Williams Jones Wealth Management LLC. purchased a new stake in Sable Offshore during the 4th quarter valued at about $90,000. Finally, Kestra Advisory Services LLC purchased a new stake in Sable Offshore during the 4th quarter valued at about $97,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

About Sable Offshore

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.