Sable Offshore (NYSE:SOC) Sees Large Volume Increase

Shares of Sable Offshore Corp. (NYSE:SOC) saw unusually-strong trading volume on Tuesday . Approximately 180,055 shares traded hands during mid-day trading, an increase of 65% from the previous session’s volume of 109,334 shares.The stock last traded at $10.79 and had previously closed at $10.54.

Wall Street Analysts Forecast Growth

Separately, TD Cowen started coverage on Sable Offshore in a research report on Monday, February 26th. They issued an “outperform” rating and a $20.00 target price for the company.

Sable Offshore Price Performance

The stock has a 50-day moving average of $11.44.

Insiders Place Their Bets

In related news, Director Christopher Binyon Sarofim purchased 6,000,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were acquired at an average cost of $10.00 per share, with a total value of $60,000,000.00. Following the purchase, the director now directly owns 3,000,000 shares of the company’s stock, valued at $30,000,000. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, President James Caldwell Flores purchased 300,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were acquired at an average cost of $10.00 per share, with a total value of $3,000,000.00. Following the purchase, the president now directly owns 371,875 shares of the company’s stock, valued at $3,718,750. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Christopher Binyon Sarofim purchased 6,000,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was bought at an average cost of $10.00 per share, for a total transaction of $60,000,000.00. Following the completion of the purchase, the director now directly owns 3,000,000 shares in the company, valued at $30,000,000. The disclosure for this purchase can be found here. Insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

An institutional investor recently bought a new position in Sable Offshore stock. Clarus Group Inc. bought a new stake in shares of Sable Offshore Corp. (NYSE:SOC) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 29,613 shares of the company’s stock, valued at approximately $325,000. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Company Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. It operates through three platforms located offshore California and an onshore processing facility comprised of 16 federal leases across approximately 76,000 acres. The company was formerly known as Flame Acquisition Corp.