Sable Offshore Sees Unusually Large Options Volume (NYSE:SOC)

Sable Offshore Corp. (NYSE:SOC) was the recipient of unusually large options trading on Tuesday. Stock investors purchased 3,707 call options on the stock. This is an increase of approximately 679% compared to the typical volume of 476 call options.

Insiders Place Their Bets

In other news, major shareholder Global Icav Pilgrim bought 41,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was bought at an average price of $15.45 per share, for a total transaction of $633,450.00. Following the transaction, the insider now directly owns 8,041,001 shares of the company’s stock, valued at approximately $124,233,465.45. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 14.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SOC. Fayez Sarofim & Co purchased a new stake in Sable Offshore during the 1st quarter valued at $32,880,000. Walleye Trading LLC bought a new stake in shares of Sable Offshore in the first quarter worth $235,000. Bank of New York Mellon Corp purchased a new stake in Sable Offshore during the second quarter valued at $2,154,000. Emfo LLC bought a new position in Sable Offshore in the second quarter valued at about $371,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Sable Offshore in the second quarter valued at about $86,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SOC. Benchmark reiterated a “buy” rating and issued a $24.00 target price on shares of Sable Offshore in a research report on Wednesday, July 24th. Jefferies Financial Group lifted their price objective on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday.

Sable Offshore Stock Down 4.6 %

NYSE SOC opened at $22.36 on Thursday. The stock’s 50 day moving average is $15.86 and its 200 day moving average is $13.55. Sable Offshore has a twelve month low of $10.11 and a twelve month high of $24.36. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73.

Sable Offshore (NYSE:SOC) last announced its earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). On average, equities analysts predict that Sable Offshore will post -2.82 earnings per share for the current fiscal year.

Sable Offshore Company Profile

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.