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

Sable Offshore Corp. (NYSE:SOC) was the target of some unusual options trading on Monday. Stock traders purchased 37,752 call options on the company. This is an increase of 453% compared to the typical volume of 6,826 call options.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SOC shares. Roth Capital set a $30.00 target price on Sable Offshore in a research note on Thursday, March 27th. Roth Mkm initiated coverage on Sable Offshore in a report on Thursday, March 27th. They issued a “buy” rating and a $30.00 price target on the stock. BWS Financial reissued a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a report on Tuesday, May 13th. Finally, Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Sable Offshore Price Performance

Shares of Sable Offshore stock opened at $32.96 on Tuesday. The business has a fifty day simple moving average of $22.43 and a 200 day simple moving average of $23.52. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. Sable Offshore has a 12 month low of $12.73 and a 12 month high of $35.00.

Sable Offshore (NYSE:SOC) last issued its earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.63). The business had revenue of $78.00 million during the quarter, compared to analysts’ expectations of $21.00 million. Sell-side analysts predict that Sable Offshore will post -6.39 EPS for the current fiscal year.

Insider Activity at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 143,806 shares of the business’s stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the transaction, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. The trade was a 1.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 14.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Barclays PLC lifted its holdings in Sable Offshore by 342.9% during the third quarter. Barclays PLC now owns 77,583 shares of the company’s stock worth $1,832,000 after acquiring an additional 60,065 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Sable Offshore by 153.6% during the third quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company’s stock worth $2,836,000 after purchasing an additional 72,694 shares during the period. Ballentine Partners LLC lifted its holdings in shares of Sable Offshore by 35.8% during the 4th quarter. Ballentine Partners LLC now owns 17,982 shares of the company’s stock valued at $412,000 after purchasing an additional 4,743 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Sable Offshore by 42.0% in the 4th quarter. SG Americas Securities LLC now owns 24,783 shares of the company’s stock valued at $568,000 after purchasing an additional 7,332 shares during the period. Finally, Bleakley Financial Group LLC acquired a new position in shares of Sable Offshore in the 4th quarter valued at approximately $1,562,000. 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. 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.