Sable Offshore Corp. (NYSE:SOC - Get Free Report) was the target of unusually large options trading activity on Tuesday. Stock investors bought 23,175 call options on the company. This is an increase of 168% compared to the typical daily volume of 8,651 call options.
Insider Transactions at Sable Offshore
In other news, major shareholder Global Icav Pilgrim sold 143,806 shares of the firm's stock in a transaction on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the transaction, the insider now owns 10,100,569 shares in the company, valued at approximately $256,251,435.53. This trade represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 36.36% of the company's stock.
Hedge Funds Weigh In On Sable Offshore
Hedge funds and other institutional investors have recently modified their holdings of the stock. Toronto Dominion Bank acquired a new position in Sable Offshore during the 4th quarter valued at approximately $344,000. Americana Partners LLC purchased a new stake in shares of Sable Offshore during the fourth quarter valued at $309,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Sable Offshore during the fourth quarter valued at $354,000. Emerald Advisers LLC acquired a new position in shares of Sable Offshore in the 4th quarter valued at $6,700,000. Finally, Raymond James Financial Inc. purchased a new position in Sable Offshore in the 4th quarter worth $1,177,000. 26.19% of the stock is owned by hedge funds and other institutional investors.
Sable Offshore Stock Performance
Shares of SOC traded up $1.23 during midday trading on Friday, hitting $24.44. 2,101,327 shares of the company's stock traded hands, compared to its average volume of 1,426,713. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. Sable Offshore has a 1 year low of $13.66 and a 1 year high of $35.00. The firm's fifty day moving average is $23.33 and its 200-day moving average is $24.11.
Sable Offshore (NYSE:SOC - Get Free Report) last announced its earnings results on Tuesday, May 13th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.63). The company had revenue of $78.00 million during the quarter, compared to the consensus estimate of $21.00 million. Research analysts expect that Sable Offshore will post -6.39 EPS for the current year.
Analyst Upgrades and Downgrades
SOC has been the subject of several research reports. Benchmark upped their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. BWS Financial restated a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a report on Tuesday, May 13th. Jefferies Financial Group reiterated a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Roth Mkm initiated coverage on Sable Offshore in a research report on Thursday, March 27th. They issued a "buy" rating and a $30.00 price target for the company. Finally, Roth Capital set a $37.00 price objective on Sable Offshore and gave the company a "buy" rating in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.33.
Read Our Latest Research Report on SOC
Sable Offshore Company Profile
(
Get Free Report)
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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