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

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.

Wall Street Analysts Forecast Growth

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

Sable Offshore Price Performance

The company’s fifty day moving average is $12.50 and its 200-day moving average is $10.92. The stock has a market cap of $1.98 billion, a PE ratio of -3.21 and a beta of -0.10.

Sable Offshore (NYSE:SOC) last issued its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.20. Analysts expect that Sable Offshore Corp. will post -6.39 EPS for the current year.

Insider Buying and Selling

In related news, COO James Caldwell Flores sold 279,081 shares of the firm’s stock in a transaction on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the completion of the transaction, the chief operating officer owned 442,794 shares of the company’s stock, valued at $7,390,231.86. This trade represents a 38.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Gregory D. Patrinely sold 279,081 shares of the firm’s stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total transaction of $4,657,861.89. Following the transaction, the executive vice president directly owned 442,794 shares of the company’s stock, valued at approximately $7,390,231.86. This trade represents a 38.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 837,243 shares of company stock valued at $13,973,586 over the last 90 days. Insiders own 36.36% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC increased its holdings in Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Sable Offshore by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after buying an additional 1,271 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Sable Offshore by 3.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 61,886 shares of the company’s stock valued at $559,000 after buying an additional 1,856 shares in the last quarter. Bleakley Financial Group LLC increased its holdings in Sable Offshore by 4.4% in the third quarter. Bleakley Financial Group LLC now owns 50,949 shares of the company’s stock valued at $890,000 after buying an additional 2,167 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in Sable Offshore by 65.1% in the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock valued at $165,000 after buying an additional 2,960 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company’s stock.

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.