Sable Offshore Sees Unusually Large Options Volume (NYSE:SOC)

Sable Offshore Corp. (NYSE:SOC) saw some unusual options trading on Thursday. Stock investors purchased 24,872 call options on the stock. This represents an increase of approximately 62% compared to the typical daily volume of 15,359 call options.

Sable Offshore Stock Up 0.6%

Shares of SOC opened at $4.69 on Friday. The stock has a market cap of $723.79 million, a PE ratio of -1.10 and a beta of -0.08. Sable Offshore has a 12-month low of $2.88 and a 12-month high of $31.74. The business has a 50-day simple moving average of $9.00 and a two-hundred day simple moving average of $11.18.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($1.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The firm had revenue of $1.27 million during the quarter, compared to analysts’ expectations of $16.10 million. On average, equities research analysts expect that Sable Offshore will post -0.36 EPS for the current year.

Insider Transactions at Sable Offshore

In other news, insider Anthony Duenner sold 40,743 shares of the business’s stock in a transaction on 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 transaction, the insider owned 530,176 shares of the company’s stock, valued at approximately $7,067,246.08. The trade was a 7.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 firm’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $13.33, for a total value of $543,104.19. Following the completion of the sale, the executive vice president directly owned 502,051 shares in the company, valued at $6,692,339.83. This trade represents a 7.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 240,163 shares of company stock valued at $3,228,498. Corporate insiders own 20.00% of the company’s stock.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds have recently modified their holdings of SOC. Capital International Investors grew its position in shares of Sable Offshore by 542.6% in the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after buying an additional 9,788,351 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Sable Offshore by 389.3% in the third quarter. JPMorgan Chase & Co. now owns 159,238 shares of the company’s stock valued at $2,780,000 after buying an additional 126,692 shares during the period. Encompass Capital Advisors LLC raised 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 last quarter. Easterly Investment Partners LLC bought a new position in shares of Sable Offshore during the fourth quarter worth about $2,093,000. Finally, Purpose Unlimited Inc. acquired a new position in shares of Sable Offshore in the fourth quarter worth approximately $1,078,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Roth Capital reduced their price target on shares of Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, July 1st. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday. Wall Street Zen lowered shares of Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Zacks Research cut shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Sable Offshore currently has a consensus rating of “Hold” and a consensus target price of $15.33.

About Sable Offshore

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.