Sable Offshore (NYSE:SOC) Stock Price Up 4.3% - Time to Buy?

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares shot up 4.3% during mid-day trading on Tuesday . The stock traded as high as $19.82 and last traded at $19.75. 163,928 shares were traded during trading, a decline of 68% from the average session volume of 511,636 shares. The stock had previously closed at $18.93.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SOC. BWS Financial started coverage on Sable Offshore in a research note on Tuesday, October 8th. They set a "sell" rating and a $6.00 price target on the stock. Jefferies Financial Group increased their target price on Sable Offshore from $19.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, September 4th. Finally, Benchmark reissued a "buy" rating and issued a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th.

Sable Offshore Trading Up 3.9 %

The firm has a 50 day simple moving average of $20.56 and a two-hundred day simple moving average of $16.16. The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing analysts' consensus estimates of ($0.39) by ($2.36). Research analysts anticipate that Sable Offshore Corp. will post -3.72 EPS for the current year.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 750,000 shares of the company's stock in a transaction dated Thursday, September 19th. The shares were bought at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the transaction, the insider now directly owns 8,791,001 shares in the company, valued at $175,820,020. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SOC. Amalgamated Bank bought a new position in shares of Sable Offshore during the second quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Sable Offshore during the second quarter worth about $86,000. Spartan Fund Management Inc. bought a new position in shares of Sable Offshore during the second quarter worth about $162,000. Walleye Trading LLC bought a new position in shares of Sable Offshore during the first quarter worth about $235,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Sable Offshore during the second quarter worth about $324,000. 26.19% of the stock is currently owned by institutional investors.

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.