Stock Traders Purchase High Volume of Sable Offshore Call Options (NYSE:SOC)

Sable Offshore Corp. (NYSE:SOC) was the recipient of some unusual options trading on Thursday. Stock investors purchased 24,872 call options on the stock. This represents an increase of 62% compared to the typical daily volume of 15,359 call options.

Insider Buying and Selling at Sable Offshore

In other news, COO James Caldwell Flores sold 39,311 shares of the company’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total transaction of $533,057.16. Following the transaction, the chief operating officer owned 562,740 shares of the company’s stock, valued at $7,630,754.40. This represents a 6.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of the stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,070.72. Following the transaction, the insider owned 590,864 shares of the company’s stock, valued at $8,012,115.84. The trade was a 6.24% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 240,163 shares of company stock worth $3,228,498 over the last ninety days. 20.00% of the stock is currently owned by company insiders.

Institutional Trading of Sable Offshore

A number of hedge funds and other institutional investors have recently bought and sold shares of SOC. Fifth Third Bancorp bought a new position in Sable Offshore in the 1st quarter valued at $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Sable Offshore in the fourth quarter worth $37,000. Aster Capital Management DIFC Ltd raised its position in shares of Sable Offshore by 263.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after buying an additional 3,790 shares in the last quarter. KBC Group NV raised its position in shares of Sable Offshore by 48.7% in the first quarter. KBC Group NV now owns 3,132 shares of the company’s stock worth $52,000 after buying an additional 1,026 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its stake in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after buying an additional 650 shares during the period. Institutional investors own 26.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SOC shares. Wall Street Zen downgraded shares of Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Zacks Research cut shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Jefferies Financial Group cut their price objective on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a report on Monday, July 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Finally, Roth Capital lowered their target price on shares of Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, July 1st. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Sable Offshore currently has an average rating of “Hold” and an average price target of $15.33.

Sable Offshore Stock Up 7.0%

Shares of NYSE SOC opened at $4.69 on Friday. The company has a market cap of $723.64 million, a P/E ratio of -1.10 and a beta of -0.08. Sable Offshore has a 52 week low of $2.88 and a 52 week high of $31.74. The business has a 50-day simple moving average of $9.21 and a two-hundred day simple moving average of $11.23.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The firm had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $16.10 million. Equities research analysts anticipate that Sable Offshore will post -0.36 EPS for the current year.

About Sable Offshore

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.