Sable Offshore (NYSE:SOC) Shares Gap Up – What’s Next?

Shares of Sable Offshore Corp. (NYSE:SOC) gapped up before the market opened on Monday . The stock had previously closed at $23.00, but opened at $27.05. Sable Offshore shares last traded at $26.72, with a volume of 785,838 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SOC. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Roth Mkm assumed coverage on shares of Sable Offshore in a report on Thursday, March 27th. They set a “buy” rating and a $30.00 target price for the company. BWS Financial reiterated a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a report on Tuesday. Finally, Roth Capital set a $30.00 price target on shares of Sable Offshore in a report on Thursday, March 27th. One research analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $27.50.

Sable Offshore Price Performance

The company has a 50-day moving average of $21.95 and a 200 day moving average of $23.29. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The company had revenue of $78.00 million during the quarter, compared to the consensus estimate of $21.00 million. As a group, equities research analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm’s stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the transaction, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. This trade represents a 1.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

A number of large investors have recently added to or reduced their stakes in the stock. Encompass Capital Advisors LLC raised its holdings in Sable Offshore by 128.9% in the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock valued at $32,060,000 after acquiring an additional 788,495 shares during the last quarter. Vanguard Group Inc. lifted its stake in Sable Offshore by 23.6% during the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock worth $79,832,000 after acquiring an additional 665,407 shares in the last quarter. Emerald Advisers LLC purchased a new position in shares of Sable Offshore in the fourth quarter valued at approximately $6,700,000. Harraden Circle Investments LLC acquired a new position in shares of Sable Offshore in the fourth quarter worth $5,038,000. Finally, Bridgewater Associates LP acquired a new position in shares of Sable Offshore during the fourth quarter worth $4,693,000. 26.19% of the stock is currently 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.