Sable Offshore (NYSE:SOC) Sees Large Volume Increase

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) saw strong trading volume on Wednesday . 186,127 shares changed hands during mid-day trading, a decline of 48% from the previous session's volume of 355,533 shares.The stock last traded at $23.92 and had previously closed at $23.43.

Analysts Set New Price Targets

A number of equities analysts recently commented on SOC shares. Benchmark restated a "buy" rating and issued a $24.00 price objective on shares of Sable Offshore in a report on Wednesday, July 24th. Jefferies Financial Group lifted their price objective on shares of Sable Offshore from $19.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday.

Sable Offshore Stock Down 4.6 %

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

Sable Offshore (NYSE:SOC - Get Free Report) last posted 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). On average, equities research analysts expect that Sable Offshore Corp. will post -2.82 earnings per share for the current year.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 41,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 27th. The shares were acquired at an average cost of $15.45 per share, for a total transaction of $633,450.00. Following the transaction, the insider now directly owns 8,041,001 shares in the company, valued at $124,233,465.45. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 14.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently made changes to their positions in the company. Amalgamated Bank bought a new position in Sable Offshore in the second quarter valued at about $26,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Sable Offshore in the 2nd quarter worth $86,000. Spartan Fund Management Inc. acquired a new stake in shares of Sable Offshore during the second quarter worth $162,000. Walleye Trading LLC acquired a new position in Sable Offshore in the first quarter valued at about $235,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Sable Offshore in the 2nd quarter valued at about $324,000. 26.19% of the stock is owned by institutional investors and hedge funds.

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.