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

Key Points

• Sable Offshore Corp. experienced a 177% increase in call options trading, with investors acquiring 39,017 call options compared to the average of 14,090.
• Global Icav Pilgrim, a major shareholder, sold 167,175 shares of Sable Offshore, decreasing their total ownership to approximately 36.36% of the company.
• Analysts have varying perspectives on Sable Offshore, with a price target range from $6.00 to $47.00, resulting in a consensus rating of "Moderate Buy."

Sable Offshore Corp. (NYSE:SOC - Get Free Report) was the target of some unusual options trading activity on Wednesday. Traders purchased 39,017 call options on the company. Thisrepresentsanincreaseof177% compared to the average volume of 14,090 call options.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Benchmark raised their target price on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. Roth Capital set a $37.00 target price on shares of Sable Offshore and gave the company a "buy" rating in a research note on Friday, May 23rd. BWS Financial restated a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a research report on Tuesday, May 13th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a research report on Monday, May 26th. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $30.00.

Insider Transactions at Sable Offshore

In related news, major shareholder Global Icav Pilgrim sold 167,175 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $21.98, for a total value of $3,674,506.50. Following the transaction, the insider directly owned 9,933,394 shares in the company, valued at approximately $218,336,000.12. This trade represents a 1.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 36.36% of the company's stock.

Hedge Funds Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently made changes to their positions in the business. SVB Wealth LLC bought a new position in shares of Sable Offshore during the 1st quarter worth about $29,000. CWM LLC lifted its holdings in Sable Offshore by 1,262.8% during the 2nd quarter. CWM LLC now owns 1,867 shares of the company's stock valued at $41,000 after purchasing an additional 1,730 shares during the last quarter. KBC Group NV bought a new position in Sable Offshore during the 2nd quarter valued at about $46,000. Quantbot Technologies LP bought a new position in Sable Offshore during the 1st quarter valued at about $48,000. Finally, NewEdge Advisors LLC lifted its holdings in Sable Offshore by 36.2% during the 1st 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. 26.19% of the stock is owned by institutional investors.

Sable Offshore Price Performance

Shares of NYSE:SOC traded down $0.23 during midday trading on Friday, reaching $22.75. 3,610,073 shares of the company's stock were exchanged, compared to its average volume of 2,217,616. The company's 50 day simple moving average is $26.77 and its two-hundred day simple moving average is $24.97. Sable Offshore has a 12 month low of $16.26 and a 12 month high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.44). As a group, equities research analysts anticipate that Sable Offshore will post -6.39 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.