Sable Offshore (NYSE:SOC) Sees Unusually-High Trading Volume

Sable Offshore Corp. (NYSE:SOC) saw strong trading volume on Wednesday . 255,424 shares changed hands during mid-day trading, an increase of 142% from the previous session’s volume of 105,568 shares.The stock last traded at $10.71 and had previously closed at $10.91.

Wall Street Analyst Weigh In

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

Sable Offshore Trading Down 5.2 %

The stock has a 50 day moving average of $11.52.

Insiders Place Their Bets

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