Sable Offshore (NYSE:SOC) Sees Large Volume Increase – Time to Buy?

by · The Cerbat Gem

Sable Offshore Corp. (NYSE:SOC – Get Free Report) shares saw unusually-high trading volume on Tuesday . Approximately 5,310,026 shares traded hands during mid-day trading, an increase of 41% from the previous session’s volume of 3,765,431 shares.The stock last traded at $8.3350 and had previously closed at $7.60.

Analyst Ratings Changes

Several research firms have recently issued reports on SOC. Cowen restated a “buy” rating on shares of Sable Offshore in a report on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Jefferies Financial Group cut their price target on shares of Sable Offshore from $38.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Roth Capital reiterated a “buy” rating on shares of Sable Offshore in a research note on Monday, December 1st. Finally, Benchmark reissued a “buy” rating on shares of Sable Offshore in a report on Thursday. Five investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sable Offshore currently has a consensus rating of “Hold” and an average price target of $19.60.

Check Out Our Latest Stock Report on Sable Offshore

Sable Offshore Trading Up 21.4%

The business’s 50-day simple moving average is $7.60 and its 200-day simple moving average is $18.52. The company has a market capitalization of $1.34 billion, a PE ratio of -2.85 and a beta of 0.51.

Sable Offshore (NYSE:SOC – Get Free Report) last released its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). Sell-side analysts forecast that Sable Offshore Corp. will post -6.39 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Global Icav Pilgrim purchased 982,645 shares of the business’s stock in a transaction on Wednesday, October 15th. The shares were bought at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the transaction, the insider owned 10,933,394 shares of the company’s stock, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 36.36% of the company’s stock.

Institutional Trading of Sable Offshore

A number of hedge funds have recently modified their holdings of SOC. Encompass Capital Advisors LLC grew its holdings in Sable Offshore by 83.8% during the second quarter. Encompass Capital Advisors LLC now owns 4,952,023 shares of the company’s stock worth $108,845,000 after acquiring an additional 2,257,069 shares during the period. Capital International Investors purchased a new stake in Sable Offshore in the 3rd quarter worth approximately $31,499,000. Cooper Creek Partners Management LLC acquired a new stake in shares of Sable Offshore during the 2nd quarter worth approximately $24,465,000. Bank of America Corp DE grew its stake in shares of Sable Offshore by 329.8% during the 2nd quarter. Bank of America Corp DE now owns 1,124,427 shares of the company’s stock worth $24,715,000 after purchasing an additional 862,810 shares during the period. Finally, Two Seas Capital LP purchased a new position in shares of Sable Offshore during the 2nd quarter valued at approximately $9,708,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Sable Offshore Company Profile

(Get Free Report)

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.

Featured Stories