Sable Offshore (NYSE:SOC) Sees Large Volume Increase

Sable Offshore Corp. (NYSE:SOC) shares saw strong trading volume on Tuesday . 180,055 shares were traded during trading, an increase of 65% from the previous session’s volume of 109,334 shares.The stock last traded at $10.79 and had previously closed at $10.54.

Analyst Upgrades and Downgrades

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

Sable Offshore Price Performance

The firm’s fifty day moving average price is $11.44.

Insider Activity

In related news, Director Christopher Binyon Sarofim acquired 6,000,000 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was acquired at an average price of $10.00 per share, with a total value of $60,000,000.00. Following the acquisition, the director now directly owns 3,000,000 shares in the company, valued at approximately $30,000,000. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Sable Offshore news, Director Christopher Binyon Sarofim purchased 6,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was purchased at an average price of $10.00 per share, for a total transaction of $60,000,000.00. Following the purchase, the director now directly 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 can be accessed through this hyperlink. Also, President James Caldwell Flores purchased 300,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was acquired at an average price of $10.00 per share, with a total value of $3,000,000.00. Following the purchase, the president now owns 371,875 shares in the company, valued at $3,718,750. The disclosure for this purchase can be found here. Insiders own 14.30% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

An institutional investor recently bought a new position in Sable Offshore stock. Clarus Group Inc. acquired a new position in shares of Sable Offshore Corp. (NYSE:SOC) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 29,613 shares of the company’s stock, valued at approximately $325,000. Institutional investors own 26.19% of the company’s stock.

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.