Sable Offshore (NYSE:SOC) Sees Large Volume Increase – Here’s What Happened

Sable Offshore Corp. (NYSE:SOC) saw an uptick in trading volume on Thursday . 850,220 shares traded hands during trading, an increase of 35% from the previous session’s volume of 630,537 shares.The stock last traded at $23.36 and had previously closed at $19.64.

Wall Street Analyst Weigh In

Several research firms recently commented on SOC. Johnson Rice started coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective for the company. BWS Financial reaffirmed a “sell” rating and set a $6.00 price target on shares of Sable Offshore in a research report on Wednesday, November 27th. Benchmark reiterated a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a report on Monday, October 7th. Jefferies Financial Group boosted their target price on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, Pickering Energy Partners started coverage on Sable Offshore in a research note on Tuesday. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Stock Performance

The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The company has a 50-day simple moving average of $21.65 and a 200 day simple moving average of $19.10.

Institutional Trading of Sable Offshore

Institutional investors and hedge funds have recently made changes to their positions in the business. Amalgamated Bank purchased a new position in Sable Offshore in the 2nd quarter valued at about $26,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Sable Offshore during the second quarter valued at approximately $86,000. US Bancorp DE lifted its position in shares of Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after acquiring an additional 3,758 shares in the last quarter. Covestor Ltd acquired a new stake in shares of Sable Offshore in the third quarter worth approximately $130,000. Finally, Spartan Fund Management Inc. purchased a new stake in shares of Sable Offshore during the second quarter worth approximately $162,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

About Sable Offshore

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.