Sable Offshore Target of Unusually Large Options Trading (NYSE:SOC)

Sable Offshore Corp. (NYSE:SOC - Get Free Report) was the recipient of unusually large options trading on Tuesday. Investors acquired 23,175 call options on the company. This represents an increase of approximately 168% compared to the average volume of 8,651 call options.

Sable Offshore Stock Up 0.5%

SOC traded up $0.12 during trading on Thursday, reaching $23.22. The stock had a trading volume of 2,373,235 shares, compared to its average volume of 1,414,308. The business has a 50-day moving average of $23.40 and a 200-day moving average of $24.06. Sable Offshore has a one year low of $13.66 and a one year high of $35.00. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The firm had revenue of $78.00 million during the quarter, compared to analysts' expectations of $21.00 million. As a group, analysts forecast that Sable Offshore will post -6.39 EPS for the current year.

Insider Transactions at Sable Offshore

In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the company's stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the transaction, the insider now owns 10,100,569 shares of the company's stock, valued at approximately $256,251,435.53. This represents a 1.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 36.36% of the company's stock.

Institutional Trading of Sable Offshore

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Sable Offshore by 5.7% during the first quarter. Vanguard Group Inc. now owns 3,685,492 shares of the company's stock worth $93,501,000 after purchasing an additional 199,366 shares during the period. Encompass Capital Advisors LLC boosted its holdings in shares of Sable Offshore by 92.5% during the first quarter. Encompass Capital Advisors LLC now owns 2,694,954 shares of the company's stock worth $68,371,000 after purchasing an additional 1,294,954 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Sable Offshore by 16.9% during the fourth quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company's stock worth $28,155,000 after purchasing an additional 177,971 shares during the period. Greenhaven Road Investment Management L.P. boosted its holdings in shares of Sable Offshore by 24.3% during the fourth quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company's stock worth $14,275,000 after purchasing an additional 121,751 shares during the period. Finally, GM Advisory Group LLC boosted its holdings in shares of Sable Offshore by 17.6% during the fourth quarter. GM Advisory Group LLC now owns 600,000 shares of the company's stock worth $13,740,000 after purchasing an additional 90,000 shares during the period. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on SOC. Roth Capital set a $37.00 price target on shares of Sable Offshore and gave the stock a "buy" rating in a report on Friday, May 23rd. BWS Financial reissued a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, May 13th. Benchmark increased their target price on Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. Roth Mkm initiated coverage on Sable Offshore in a research note on Thursday, March 27th. They issued a "buy" rating and a $30.00 target price on the stock. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Sable Offshore in a research note on Monday, May 26th. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.33.

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.