Traders Buy High Volume of Call Options on Sable Offshore (NYSE:SOC)

by · The Markets Daily

Sable Offshore Corp. (NYSE:SOC – Get Free Report) was the target of some unusual options trading activity on Thursday. Stock traders bought 45,381 call options on the stock. This is an increase of 19% compared to the average volume of 38,166 call options.

Analyst Upgrades and Downgrades

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

Read Our Latest Research Report on SOC

Sable Offshore Stock Up 60.5%

Shares of NYSE:SOC traded up $3.19 during midday trading on Thursday, reaching $8.47. 40,387,566 shares of the company traded hands, compared to its average volume of 3,661,504. The firm’s fifty day moving average price is $8.26 and its two-hundred day moving average price is $18.93. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -2.59 and a beta of 0.51. Sable Offshore has a 12 month low of $3.72 and a 12 month high of $35.00.

Sable Offshore (NYSE:SOC – Get Free Report) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.21). Analysts forecast that Sable Offshore will post -6.39 earnings per share for the current year.

Insider Transactions at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim purchased 982,645 shares of the business’s stock in a transaction on Wednesday, October 15th. The shares were purchased at an average cost of $15.04 per share, with a total value of $14,778,980.80. Following the transaction, the insider directly owned 10,933,394 shares of the company’s stock, valued at $164,438,245.76. This represents a 9.88% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 36.36% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors and hedge funds have recently made changes to their positions in the business. SVB Wealth LLC bought a new position in Sable Offshore during the 1st quarter worth about $29,000. CWM LLC raised 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 buying an additional 1,730 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Sable Offshore in the 1st quarter valued at $48,000. KBC Group NV purchased a new stake in Sable Offshore in the second quarter valued at $46,000. Finally, NewEdge Advisors LLC grew its holdings in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after acquiring an additional 650 shares during the period. Hedge funds and other institutional investors own 26.19% of the company’s stock.

About Sable Offshore

(Get Free Report)

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.

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