Sable Offshore (NYSE:SOC) Sees Large Volume Increase

Shares of Sable Offshore Corp. (NYSE:SOC) saw unusually-high trading volume on Wednesday . Approximately 255,424 shares traded hands during trading, an increase of 142% from the previous session’s volume of 105,568 shares.The stock last traded at $10.71 and had previously closed at $10.91.

Analysts Set New Price Targets

Separately, TD Cowen started coverage on shares of Sable Offshore in a report on Monday, February 26th. They issued an “outperform” rating and a $20.00 price objective for the company.

Sable Offshore Stock Performance

The stock’s fifty day moving average price is $11.47.

Insider Buying and Selling at Sable Offshore

In other Sable Offshore news, Director Christopher Binyon Sarofim acquired 6,000,000 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was purchased at an average price of $10.00 per share, with a total value of $60,000,000.00. Following the acquisition, the director now directly owns 3,000,000 shares of the company’s stock, valued at approximately $30,000,000. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, President James Caldwell Flores acquired 300,000 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was bought at an average cost of $10.00 per share, for a total transaction of $3,000,000.00. Following the completion of the transaction, the president now directly owns 371,875 shares in the company, valued at approximately $3,718,750. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christopher Binyon Sarofim acquired 6,000,000 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were purchased at an average price of $10.00 per share, with a total value of $60,000,000.00. Following the completion of the transaction, the director now owns 3,000,000 shares of the company’s stock, valued at $30,000,000. The disclosure for this purchase can be found here. Insiders own 14.30% 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. It operates through three platforms located offshore California and an onshore processing facility comprised of 16 federal leases across approximately 76,000 acres. The company was formerly known as Flame Acquisition Corp.