Sable Offshore (NYSE:SOC) Shares Gap Up – Here’s Why

Shares of Sable Offshore Corp. (NYSE:SOC) gapped up before the market opened on Thursday . The stock had previously closed at $24.47, but opened at $29.50. Sable Offshore shares last traded at $30.93, with a volume of 1,702,913 shares changing hands.

Analyst Ratings Changes

SOC has been the subject of a number of recent analyst reports. Pickering Energy Partners began coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They issued an “outperform” rating for the company. BWS Financial reiterated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. Finally, Johnson Rice started coverage on Sable Offshore in a report on Tuesday, November 5th. They set a “buy” rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Trading Up 22.9 %

The firm’s 50-day simple moving average is $23.39 and its 200-day simple moving average is $21.48. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new position in shares of Sable Offshore in the 4th quarter valued at $53,000. IFP Advisors Inc acquired a new position in Sable Offshore during the 4th quarter worth about $81,000. ORG Wealth Partners LLC bought a new stake in shares of Sable Offshore during the fourth quarter valued at approximately $106,000. US Bancorp DE boosted its position in Sable Offshore by 340.4% in the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after buying an additional 3,758 shares during the last quarter. Finally, Salem Investment Counselors Inc. lifted its position in Sable Offshore by 81.8% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock valued at $114,000 after purchasing an additional 2,250 shares during the period. 26.19% of the stock is currently owned by institutional investors.

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.