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

Key Points

• On Wednesday, Sable Offshore Corp. (NYSE:SOC) experienced a significant increase in options trading, with 42,809 call options purchased, marking a 76% rise compared to its typical volume.
• Insider trading activity saw major shareholder Global Icav Pilgrim sell 167,175 shares for approximately $3.67 million, reducing their ownership stake by 1.66%.
• Sable Offshore's stock price fell by 8.2% to $22.48 on Wednesday, with a notable trading volume of 4,348,142 shares compared to its average of 2,399,817.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) was the recipient of unusually large options trading on Wednesday. Stock investors purchased 42,809 call options on the stock. This is an increase of 76% compared to the average volume of 24,298 call options.

Insider Activity

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of Sable Offshore stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $21.98, for a total value of $3,674,506.50. Following the sale, the insider directly owned 9,933,394 shares of the company's stock, valued at approximately $218,336,000.12. The trade was a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 36.36% of the company's stock.

Institutional Investors Weigh In On Sable Offshore

Large investors have recently added to or reduced their stakes in the stock. CenterBook Partners LP purchased a new position in shares of Sable Offshore during the first quarter valued at approximately $1,499,000. Toronto Dominion Bank purchased a new position in shares of Sable Offshore during the fourth quarter valued at approximately $344,000. FNY Investment Advisers LLC boosted its position in shares of Sable Offshore by 1,190.1% during the first quarter. FNY Investment Advisers LLC now owns 15,094 shares of the company's stock valued at $382,000 after buying an additional 13,924 shares during the period. California State Teachers Retirement System boosted its position in shares of Sable Offshore by 29.0% during the fourth quarter. California State Teachers Retirement System now owns 31,856 shares of the company's stock valued at $730,000 after buying an additional 7,152 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Sable Offshore during the first quarter valued at approximately $295,000. 26.19% of the stock is owned by institutional investors.

Sable Offshore Trading Down 8.2%

Shares of SOC stock traded down $2.01 during trading hours on Wednesday, hitting $22.48. The stock had a trading volume of 4,348,142 shares, compared to its average volume of 2,399,817. The stock's 50-day moving average price is $26.91 and its two-hundred day moving average price is $24.65. Sable Offshore has a one year low of $16.26 and a one year high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Equities research analysts predict that Sable Offshore will post -6.39 EPS 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.