Sable Offshore Corp. (NYSE:SOC) CEO Acquires $1,374,000.00 in Stock

Posted by Oscar Bower on May 25th, 2024

Sable Offshore Corp. (NYSE:SOC – Get Free Report) CEO James C. Flores bought 100,000 shares of the business’s stock in a transaction on Monday, May 20th. The stock was purchased at an average cost of $13.74 per share, for a total transaction of $1,374,000.00. Following the transaction, the chief executive officer now owns 2,625,000 shares of the company’s stock, valued at $36,067,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Sable Offshore Stock Up 9.1 %

NYSE SOC opened at $14.57 on Friday. The company has a current ratio of 2.80, a quick ratio of 2.60 and a debt-to-equity ratio of 2.91. Sable Offshore Corp. has a 1-year low of $10.11 and a 1-year high of $14.74. The company has a 50-day moving average price of $11.26.

Analyst Upgrades and Downgrades

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

Check Out Our Latest Research Report on SOC

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Walleye Trading LLC acquired a new stake in Sable Offshore during the 1st quarter valued at approximately $235,000. Clarus Group Inc. purchased a new position in shares of Sable Offshore during the 1st quarter valued at approximately $325,000. Finally, Fayez Sarofim & Co acquired a new stake in shares of Sable Offshore during the first quarter worth approximately $32,880,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Sable Offshore Company Profile

(Get Free Report)

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.