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

Sable Offshore Corp. (NYSE:SOC)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $9.02, but opened at $10.69. Sable Offshore shares last traded at $10.79, with a volume of 1,981,844 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Benchmark reissued a “buy” rating and set a $20.00 price target on shares of Sable Offshore in a research report on Friday. Roth Capital restated a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Jefferies Financial Group reiterated a “buy” rating on shares of Sable Offshore in a research report on Monday. Finally, Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Five investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Sable Offshore has a consensus rating of “Hold” and a consensus target price of $19.60.

Sable Offshore Price Performance

The business’s 50-day simple moving average is $6.92 and its two-hundred day simple moving average is $17.81. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -3.31 and a beta of 0.39.

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

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 982,645 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The shares were bought at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following the transaction, the insider directly owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 36.36% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently bought and sold shares of SOC. CWM LLC boosted its holdings in Sable Offshore by 1,262.8% during the second quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after purchasing an additional 1,730 shares during the last quarter. KBC Group NV bought a new position in shares of Sable Offshore during the 2nd quarter worth approximately $46,000. NewEdge Advisors LLC boosted its stake in shares of Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after buying an additional 650 shares during the last quarter. Whittier Trust Co. bought a new position in shares of Sable Offshore in the third quarter valued at approximately $115,000. Finally, MAI Capital Management bought a new position in shares of Sable Offshore in the second quarter valued at approximately $123,000. 26.19% of the stock is owned by institutional investors.

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.