Sable Offshore (NYSE:SOC) Trading Up 6.9% – Time to Buy?

Sable Offshore Corp. (NYSE:SOC) traded up 6.9% during trading on Monday . The company traded as high as $22.42 and last traded at $22.07. 215,266 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 564,245 shares. The stock had previously closed at $20.65.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SOC shares. Jefferies Financial Group raised their target price on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Benchmark restated a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a report on Monday, October 7th. BWS Financial restated a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a report on Friday, November 15th. Finally, Johnson Rice began coverage on shares of Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective for the company. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Stock Performance

The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The company’s 50-day simple moving average is $22.36 and its 200-day simple moving average is $17.77.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were purchased at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the transaction, the insider now owns 8,791,001 shares of the company’s stock, valued at $175,820,020. The trade was a 9.33 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

Large investors have recently modified their holdings of the stock. GM Advisory Group LLC acquired a new position in shares of Sable Offshore in the second quarter valued at about $1,634,000. Sentry Investment Management LLC acquired a new position in shares of Sable Offshore in the third quarter valued at about $575,000. Bank of New York Mellon Corp acquired a new position in shares of Sable Offshore in the second quarter valued at about $2,154,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Sable Offshore in the third quarter valued at about $406,000. Finally, Amalgamated Bank acquired a new position in shares of Sable Offshore in the second quarter valued at about $26,000. 26.19% of the stock is owned by institutional investors.

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.