Sable Offshore (NYSE:SOC) Sets New 1-Year Low at $10.11

Sable Offshore Corp. (NYSE:SOC) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $10.11 and last traded at $10.15, with a volume of 7138 shares changing hands. The stock had previously closed at $10.34.

Wall Street Analysts Forecast Growth

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

Sable Offshore Stock Performance

The company’s fifty day moving average is $11.44.

Insider Activity

In other news, Director Christopher Binyon Sarofim bought 6,000,000 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were acquired at an average cost of $10.00 per share, for a total transaction of $60,000,000.00. Following the completion of the acquisition, the director now owns 3,000,000 shares in the company, valued at $30,000,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, President James Caldwell Flores bought 300,000 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were acquired at an average cost of $10.00 per share, for a total transaction of $3,000,000.00. Following the completion of the acquisition, the president now owns 371,875 shares in the company, valued at $3,718,750. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christopher Binyon Sarofim bought 6,000,000 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were purchased at an average price of $10.00 per share, for a total transaction of $60,000,000.00. Following the completion of the acquisition, the director now owns 3,000,000 shares of the company’s stock, valued at approximately $30,000,000. The disclosure for this purchase can be found here. 14.30% of the stock is owned by corporate insiders.

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.