Sable Offshore (NYSE:SOC) Trading Up 6.9% - Time to Buy?

Shares of Sable Offshore Corp. (NYSE:SOC - Get Free Report) shot up 6.9% on Monday . The stock traded as high as $22.42 and last traded at $22.07. 215,266 shares were traded during mid-day trading, a decline of 62% from the average session volume of 564,245 shares. The stock had previously closed at $20.65.

Analyst Ratings Changes

Several research firms have recently weighed in on SOC. Johnson Rice began coverage on Sable Offshore in a research report on Tuesday, November 5th. They issued a "buy" rating and a $30.00 price objective for the company. BWS Financial reissued a "sell" rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Friday. Benchmark restated a "buy" rating and issued a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. Finally, Jefferies Financial Group raised 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. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $25.00.

Sable Offshore Price Performance

The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73. The business has a 50 day simple moving average of $22.36 and a 200-day simple moving average of $17.61.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 41,000 shares of the business'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 purchase, the insider now directly owns 8,041,001 shares of the company's stock, valued at approximately $124,233,465.45. This represents a 0.51 % 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. Company insiders own 14.30% of the company's stock.

Institutional Investors Weigh In On Sable Offshore

Hedge funds have recently modified their holdings of the stock. GM Advisory Group LLC bought a new stake in Sable Offshore during the 2nd quarter valued at $1,634,000. Sentry Investment Management LLC bought a new stake in Sable Offshore during the 3rd quarter valued at $575,000. Bank of New York Mellon Corp bought a new stake in Sable Offshore during the 2nd quarter valued at $2,154,000. Allspring Global Investments Holdings LLC bought a new stake in Sable Offshore during the 3rd quarter valued at $406,000. Finally, Amalgamated Bank bought a new stake in Sable Offshore during the 2nd quarter valued at $26,000. 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.