Sable Offshore (NYSE:SOC) Sees Strong Trading Volume Following Insider Buying Activity

Shares of Sable Offshore Corp. (NYSE:SOC) saw unusually-high trading volume on Monday following insider buying activity. Approximately 921,561 shares changed hands during mid-day trading, an increase of 117% from the previous session’s volume of 423,709 shares.The stock last traded at $23.28 and had previously closed at $22.20.

Specifically, major shareholder Global Icav Pilgrim acquired 750,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were acquired at an average price of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the insider now directly owns 8,791,001 shares of the company’s stock, valued at $175,820,020. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SOC shares. Jefferies Financial Group increased their target price on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Benchmark upped their price objective on shares of Sable Offshore from $24.00 to $37.00 and gave the company a “buy” rating in a research note on Tuesday.

Sable Offshore Stock Performance

The stock has a fifty day moving average of $18.02 and a two-hundred day moving average of $14.66. The company has a debt-to-equity ratio of 6.48, a current ratio of 2.73 and a quick ratio of 2.46.

Sable Offshore (NYSE:SOC) last released its quarterly earnings data on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($2.36). As a group, equities research analysts predict that Sable Offshore Corp. will post -2.82 EPS for the current year.

Institutional Investors Weigh In On Sable Offshore

Large investors have recently made changes to their positions in the business. Fayez Sarofim & Co purchased a new stake in shares of Sable Offshore during the 1st quarter valued at about $32,880,000. Bank of New York Mellon Corp acquired a new stake in Sable Offshore in the second quarter valued at approximately $2,154,000. GM Advisory Group LLC purchased a new stake in shares of Sable Offshore during the second quarter valued at approximately $1,634,000. Rhumbline Advisers acquired a new position in shares of Sable Offshore during the second quarter worth $862,000. Finally, Emfo LLC purchased a new position in shares of Sable Offshore in the second quarter valued at $371,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

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.