Sable Offshore (NYSE:SOC) Shares Gap Up to $10.74

Shares of Sable Offshore Corp. (NYSE:SOC) gapped up prior to trading on Monday . The stock had previously closed at $10.74, but opened at $11.22. Sable Offshore shares last traded at $10.93, with a volume of 71,560 shares changing hands.

Analysts Set New Price Targets

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

Sable Offshore Stock Up 0.5 %

The firm’s 50 day moving average price is $11.19.

Insider Buying and Selling at Sable Offshore

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

Institutional Trading of 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 first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 29,613 shares of the company’s stock, valued at approximately $325,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

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.