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

Sable Offshore Corp. (NYSE:SOC) gapped up prior to trading on Thursday following insider buying activity. 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 traded.

Specifically, CEO James C. Flores bought 100,000 shares of Sable Offshore stock in a transaction dated Monday, May 20th. The stock was bought at an average cost of $13.74 per share, for a total transaction of $1,374,000.00. Following the purchase, the chief executive officer now owns 2,625,000 shares of the company’s stock, valued at approximately $36,067,500. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 14.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, TD Cowen began coverage on Sable Offshore in a research note on Monday, February 26th. They set an “outperform” rating and a $20.00 target price for the company.

Sable Offshore Stock Up 9.1 %

The business’s 50 day simple moving average is $11.26. The company has a debt-to-equity ratio of 2.91, a current ratio of 2.80 and a quick ratio of 2.60.

Institutional Trading of Sable Offshore

Institutional investors have recently added to or reduced their stakes in the company. Walleye Trading LLC acquired a new position in Sable Offshore in the 1st quarter valued at $235,000. Clarus Group Inc. acquired a new position in shares of Sable Offshore during the 1st quarter worth $325,000. Finally, Fayez Sarofim & Co acquired a new position in shares of Sable Offshore during the 1st quarter worth $32,880,000. 26.19% of the stock is currently owned by institutional investors.

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.