Sable Offshore (NYSE:SOC) Shares Gap Up After Insider Buying Activity

Sable Offshore Corp. (NYSE:SOCGet Free Report) gapped up before the market opened on Thursday after an insider bought additional shares in the company. The stock had previously closed at $12.74, but opened at $13.73. Sable Offshore shares last traded at $13.01, with a volume of 61,480 shares changing hands.

Specifically, CEO James C. Flores bought 100,000 shares of Sable Offshore stock in a transaction dated Monday, May 20th. The shares were purchased at an average cost of $13.74 per share, with a total value of $1,374,000.00. Following the transaction, the chief executive officer now directly owns 2,625,000 shares of the company’s stock, valued at $36,067,500. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 14.30% of the company’s stock.

Wall Street Analyst Weigh In

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

Read Our Latest Stock Report on Sable Offshore

Sable Offshore Stock Performance

The company has a current ratio of 2.80, a quick ratio of 2.60 and a debt-to-equity ratio of 2.91. The stock’s 50-day moving average price is $11.17.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently bought and sold shares of SOC. Walleye Trading LLC bought a new position in Sable Offshore during the 1st quarter valued at about $235,000. Clarus Group Inc. bought a new position in shares of Sable Offshore in the 1st quarter worth approximately $325,000. Finally, Fayez Sarofim & Co bought a new position in shares of Sable Offshore in the 1st quarter worth approximately $32,880,000. Institutional investors own 26.19% of the company’s stock.

About Sable Offshore

(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.

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