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

Sable Offshore Corp. (NYSE:SOC) was the target of unusually large options trading on Tuesday. Stock traders acquired 49,412 call options on the company. This represents an increase of 264% compared to the typical volume of 13,593 call options.

Sable Offshore Stock Performance

Shares of SOC opened at $3.00 on Wednesday. The stock has a market capitalization of $463.85 million, a PE ratio of -0.70 and a beta of -0.22. Sable Offshore has a 1 year low of $2.88 and a 1 year high of $32.18. The company’s 50-day simple moving average is $12.41 and its 200-day simple moving average is $11.69.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.85). The firm had revenue of $1.27 million for the quarter, compared to analyst estimates of $16.10 million. On average, sell-side analysts predict that Sable Offshore will post 0.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Roth Mkm set a $22.00 price objective on shares of Sable Offshore in a research report on Monday, June 1st. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research report on Tuesday, June 2nd. Jefferies Financial Group decreased their price target on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, April 22nd. Wall Street Zen lowered Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $22.00.

Insider Transactions at Sable Offshore

In related news, insider Anthony Duenner sold 40,743 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $13.33, for a total transaction of $543,104.19. Following the completion of the sale, the insider directly owned 530,176 shares of the company’s stock, valued at approximately $7,067,246.08. This trade represents a 7.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Gregory D. Patrinely sold 40,743 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $13.33, for a total transaction of $543,104.19. Following the completion of the transaction, the executive vice president directly owned 502,051 shares in the company, valued at $6,692,339.83. The trade was a 7.51% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 240,163 shares of company stock worth $3,228,498. 20.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sable Offshore

Institutional investors have recently modified their holdings of the business. Encompass Capital Advisors LLC increased its position in shares of Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock worth $121,673,000 after acquiring an additional 5,091,925 shares during the period. Capital International Investors boosted its holdings in Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after purchasing an additional 9,788,351 shares during the period. Alyeska Investment Group L.P. grew its stake in Sable Offshore by 1,504.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after purchasing an additional 10,400,275 shares in the last quarter. FourWorld Capital Management LLC acquired a new position in Sable Offshore during the 4th quarter worth $73,113,000. Finally, Vanguard Group Inc. grew its stake in Sable Offshore by 64.9% during the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock worth $68,170,000 after purchasing an additional 2,975,712 shares in the last quarter. Institutional investors and hedge funds own 26.19% of the company’s stock.

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.