Sable Offshore (NYSE:SOC) Shares Gap Up - Should You Buy?

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $20.88, but opened at $21.59. Sable Offshore shares last traded at $21.09, with a volume of 108,876 shares traded.

Analyst Ratings Changes

Several equities research analysts have recently commented on SOC shares. Jefferies Financial Group boosted their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. Johnson Rice initiated coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They issued a "buy" rating and a $30.00 target price on the stock. Benchmark reiterated a "buy" rating and set a $37.00 price target on shares of Sable Offshore in a research note on Monday, October 7th. Finally, BWS Financial restated a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a research note on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Sable Offshore currently has an average rating of "Moderate Buy" and a consensus target price of $25.00.

Sable Offshore Stock Up 4.5 %

The stock has a 50-day simple moving average of $21.57 and a two-hundred day simple moving average of $18.93. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the business's stock in a transaction on Thursday, September 19th. The stock was acquired at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the acquisition, the insider now directly owns 8,791,001 shares in the company, valued at $175,820,020. This represents a 9.33 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 14.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sable Offshore

Several institutional investors have recently bought and sold shares of the business. Himalaya Capital Management LLC purchased a new stake in shares of Sable Offshore in the third quarter valued at $31,735,000. State Street Corp lifted its stake in Sable Offshore by 74.3% in the third quarter. State Street Corp now owns 1,589,395 shares of the company's stock worth $37,557,000 after purchasing an additional 677,426 shares during the last quarter. GM Advisory Group LLC boosted its position in shares of Sable Offshore by 370.3% during the third quarter. GM Advisory Group LLC now owns 510,000 shares of the company's stock valued at $12,051,000 after buying an additional 401,559 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Sable Offshore during the second quarter valued at approximately $2,154,000. Finally, Barclays PLC raised its holdings in shares of Sable Offshore by 342.9% in the third quarter. Barclays PLC now owns 77,583 shares of the company's stock worth $1,832,000 after buying an additional 60,065 shares during the period. Institutional investors 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.