Sable Offshore (NYSE:SOC) Sees Large Volume Increase

Sable Offshore Corp. (NYSE:SOC) saw an uptick in trading volume on Wednesday . 255,424 shares were traded 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 began coverage on shares of Sable Offshore in a research note on Monday, February 26th. They issued an “outperform” rating and a $20.00 price target for the company.

Sable Offshore Stock Performance

The company has a fifty day moving average of $11.47.

Insider Transactions at Sable Offshore

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