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

Sable Offshore Corp. (NYSE:SOC - Get Free Report) was the recipient of unusually large options trading on Monday. Investors acquired 22,341 call options on the company. This represents an increase of approximately 86% compared to the average volume of 12,030 call options.

Wall Street Analysts Forecast Growth

SOC has been the topic of a number of research analyst reports. Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. Roth Capital set a $37.00 target price on Sable Offshore and gave the stock a "buy" rating in a research note on Friday, May 23rd. BWS Financial restated a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, May 13th. Benchmark raised their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Finally, Roth Mkm assumed coverage on shares of Sable Offshore in a research note on Thursday, March 27th. They set a "buy" rating and a $30.00 price target for the company. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $30.33.

Sable Offshore Price Performance

Shares of SOC stock traded down $1.61 during trading hours on Monday, hitting $30.08. 2,433,565 shares of the company were exchanged, compared to its average volume of 1,663,960. The firm has a fifty day simple moving average of $25.35 and a 200 day simple moving average of $24.30. The company has a current ratio of 1.67, a quick ratio of 1.57 and a debt-to-equity ratio of 3.04. Sable Offshore has a 52-week low of $13.66 and a 52-week high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The company had revenue of $78.00 million for the quarter, compared to the consensus estimate of $21.00 million. On average, research analysts expect that Sable Offshore will post -6.39 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC grew its stake in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after acquiring an additional 650 shares in the last quarter. Invesco Ltd. raised its stake in Sable Offshore by 2.7% in the fourth quarter. Invesco Ltd. now owns 26,030 shares of the company's stock valued at $596,000 after purchasing an additional 679 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Sable Offshore by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company's stock worth $658,000 after acquiring an additional 1,000 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of Sable Offshore during the 1st quarter worth $29,000. Finally, Townsquare Capital LLC lifted its holdings in shares of Sable Offshore by 12.3% during the 1st quarter. Townsquare Capital LLC now owns 11,338 shares of the company's stock worth $288,000 after acquiring an additional 1,242 shares during the last quarter. 26.19% of the stock is owned by institutional investors.

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.

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