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

Key Points

• Traders purchased a total of 41,549 call options on Sable Offshore (NYSE:SOC) on Thursday, an 86% increase versus the average daily call volume of 22,333.
• SOC surged $3.14 to $13.23 on heavy trading (12,151,479 shares vs. an average of 6,709,294) after reporting quarterly EPS of ($0.39) that beat estimates and revenue of $1.0M versus $0.5M expected.
• Several hedge funds (including Cooper Creek, Two Seas and Capital Fund Management) added sizable stakes, leaving institutions with 26.19% ownership, while analysts remain mixed with a consensus "Hold" and $17 price target.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) saw unusually large options trading on Thursday. Stock investors purchased 41,549 call options on the company. This represents an increase of 86% compared to the average daily volume of 22,333 call options.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Cooper Creek Partners Management LLC acquired a new stake in shares of Sable Offshore during the second quarter worth $24,465,000. Two Seas Capital LP acquired a new stake in Sable Offshore during the second quarter worth about $9,708,000. Capital Fund Management S.A. boosted its stake in Sable Offshore by 172.6% in the second quarter. Capital Fund Management S.A. now owns 329,083 shares of the company's stock valued at $7,233,000 after acquiring an additional 208,359 shares during the period. CenterBook Partners LP bought a new position in shares of Sable Offshore during the third quarter valued at approximately $2,864,000. Finally, ANTIPODES PARTNERS Ltd acquired a new stake in shares of Sable Offshore during the 3rd quarter worth approximately $6,752,000. Institutional investors and hedge funds own 26.19% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SOC. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a research report on Monday, December 29th. TD Cowen reissued a "buy" rating on shares of Sable Offshore in a research report on Thursday, December 18th. Roth Mkm reaffirmed a "buy" rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Benchmark reaffirmed a "hold" rating on shares of Sable Offshore in a research report on Thursday. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $17.00.

Sable Offshore Price Performance

SOC traded up $3.14 during trading hours on Thursday, reaching $13.23. 12,151,479 shares of the stock traded hands, compared to its average volume of 6,709,294. The firm's fifty day simple moving average is $9.49 and its two-hundred day simple moving average is $12.73. The company has a market cap of $1.92 billion, a price-to-earnings ratio of -3.15 and a beta of 0.43. Sable Offshore has a fifty-two week low of $3.72 and a fifty-two week high of $35.00.

Sable Offshore (NYSE:SOC - Get Free Report) last issued its quarterly earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, beating analysts' consensus estimates of ($0.59) by $0.20. The business had revenue of $1.00 million during the quarter, compared to analysts' expectations of $0.50 million. On average, research analysts predict that Sable Offshore will post -6.39 earnings per share for the current year.

Sable Offshore Company Profile

Sable Offshore NYSE: SOC is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.

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