Sable Offshore (NYSE:SOC) Sees Large Volume Increase

Sable Offshore Corp. (NYSE:SOC) saw unusually-strong trading volume on Tuesday . Approximately 180,055 shares changed hands during trading, an increase of 65% from the previous session’s volume of 109,334 shares.The stock last traded at $10.79 and had previously closed at $10.54.

Wall Street Analyst Weigh In

Separately, TD Cowen started coverage on Sable Offshore in a report on Monday, February 26th. They set an “outperform” rating and a $20.00 price target on the stock.

Sable Offshore Trading Down 0.1 %

The business has a 50-day moving average of $11.39.

Insider Activity at Sable Offshore

In other Sable Offshore news, President James Caldwell Flores bought 300,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was purchased at an average cost of $10.00 per share, with a total value of $3,000,000.00. Following the completion of the acquisition, the president now 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 is available through this link. In related news, Director Christopher Binyon Sarofim bought 6,000,000 shares of the business’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 transaction, the director now owns 3,000,000 shares in the company, valued at approximately $30,000,000. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President James Caldwell Flores purchased 300,000 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was bought at an average price of $10.00 per share, with a total value of $3,000,000.00. Following the completion of the transaction, the president now owns 371,875 shares of the company’s stock, valued at $3,718,750. The disclosure for this purchase can be found here. 14.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sable Offshore

An institutional investor recently bought a new position in Sable Offshore stock. Clarus Group Inc. bought a new position in shares of Sable Offshore Corp. (NYSE:SOC) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 29,613 shares of the company’s stock, valued at approximately $325,000. Institutional investors and hedge funds 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. 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.