Sable Offshore Target of Unusually High Options Trading (NYSE:SOC)

Sable Offshore Corp. (NYSE:SOC) saw unusually large options trading on Thursday. Stock investors purchased 45,381 call options on the company. This represents an increase of approximately 19% compared to the typical volume of 38,166 call options.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SOC shares. Roth Capital reiterated a “buy” rating on shares of Sable Offshore in a research note on Monday, December 1st. Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a report on Thursday. Jefferies Financial Group cut their target price on Sable Offshore from $38.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Thursday, October 30th. Finally, Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Thursday. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Sable Offshore has a consensus rating of “Hold” and an average price target of $19.60.

Insider Activity at Sable Offshore

In other news, major shareholder Global Icav Pilgrim bought 982,645 shares of the stock in a transaction dated Wednesday, October 15th. The shares were bought at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the purchase, the insider owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 36.36% of the company’s stock.

Institutional Trading of Sable Offshore

Hedge funds and other institutional investors have recently modified their holdings of the stock. SVB Wealth LLC acquired a new position in shares of Sable Offshore during the first quarter worth $29,000. CWM LLC grew its position in Sable Offshore by 1,262.8% during the 2nd quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after acquiring an additional 1,730 shares during the last quarter. KBC Group NV bought a new stake in Sable Offshore during the 2nd quarter worth $46,000. Quantbot Technologies LP acquired a new position in Sable Offshore in the 1st quarter worth about $48,000. Finally, NewEdge Advisors LLC raised its position in Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares during the last quarter. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Stock Performance

Shares of SOC stock opened at $8.27 on Friday. Sable Offshore has a fifty-two week low of $3.72 and a fifty-two week high of $35.00. The stock’s fifty day moving average price is $8.03 and its two-hundred day moving average price is $18.85. The company has a market cap of $1.20 billion, a PE ratio of -2.54 and a beta of 0.51.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21). On average, equities analysts predict that Sable Offshore will post -6.39 EPS for the current fiscal year.

About Sable Offshore

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.