Sable Offshore (NYSE:SOC) Sets New 52-Week High at $21.10

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $21.10 and last traded at $20.78, with a volume of 560419 shares traded. The stock had previously closed at $16.84.

Wall Street Analyst Weigh In

SOC has been the subject of several recent research reports. Benchmark restated a "buy" rating and issued a $24.00 price target on shares of Sable Offshore in a research note on Wednesday, July 24th. Jefferies Financial Group began coverage on shares of Sable Offshore in a research note on Tuesday, August 13th. They issued a "buy" rating and a $19.00 price target on the stock.

Sable Offshore Trading Up 39.1 %

The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48. The firm has a fifty day moving average price of $15.70 and a 200-day moving average price of $13.49.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($2.36). Equities analysts forecast that Sable Offshore Corp. will post -2.82 earnings per share for the current year.

Insider Activity

In related news, Director Gregory Phillip Pipkin sold 82,238 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $14.66, for a total value of $1,205,609.08. Following the completion of the transaction, the director now owns 85,540 shares of the company's stock, valued at approximately $1,254,016.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, major shareholder Global Icav Pilgrim purchased 41,000 shares of the company's stock in a transaction dated Tuesday, August 27th. The shares were purchased at an average price of $15.45 per share, for a total transaction of $633,450.00. Following the transaction, the insider now owns 8,041,001 shares of the company's stock, valued at $124,233,465.45. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gregory Phillip Pipkin sold 82,238 shares of the company's stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $14.66, for a total transaction of $1,205,609.08. Following the sale, the director now directly owns 85,540 shares in the company, valued at approximately $1,254,016.40. The disclosure for this sale can be found here. 14.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

Several large investors have recently added to or reduced their stakes in SOC. Fayez Sarofim & Co bought a new stake in Sable Offshore in the first quarter valued at $32,880,000. Walleye Trading LLC acquired a new position in Sable Offshore during the 1st quarter worth approximately $235,000. Bank of New York Mellon Corp bought a new position in Sable Offshore in the second quarter worth approximately $2,154,000. Emfo LLC acquired a new stake in Sable Offshore in the second quarter valued at approximately $371,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Sable Offshore during the second quarter worth approximately $86,000. Institutional investors and hedge funds 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. 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.