Sable Offshore (NYSE:SOC) Sees Strong Trading Volume

Sable Offshore Corp. (NYSE:SOC) shares saw unusually-strong trading volume on Tuesday . Approximately 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.

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.

Sable Offshore Stock Performance

The company has a 50-day moving average price of $11.39.

Insider Activity at Sable Offshore

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

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Sable Offshore stock. Clarus Group Inc. bought a new stake in shares of Sable Offshore Corp. (NYSE:SOC) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 29,613 shares of the company’s stock, valued at approximately $325,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

About Sable Offshore

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.