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

Sable Offshore Corp. (NYSE:SOC) saw unusually large options trading on Monday. Investors bought 53,316 put options on the stock. This represents an increase of 42% compared to the average daily volume of 37,465 put options.

Analysts Set New Price Targets

SOC has been the topic of a number of recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Thursday, October 30th. Benchmark dropped their price target on shares of Sable Offshore from $47.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, November 4th. Finally, Roth Capital set a $26.00 price objective on Sable Offshore in a research report on Monday, November 3rd. Five analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $20.50.

Insider Activity at Sable Offshore

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 982,645 shares of the stock in a transaction on Wednesday, October 15th. The stock was purchased at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following the completion of the purchase, the insider directly owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 36.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sable Offshore

A number of large investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC increased its holdings in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after acquiring an additional 650 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of Sable Offshore in the first quarter valued at $29,000. Townsquare Capital LLC lifted its stake in shares of Sable Offshore by 12.3% during the 1st quarter. Townsquare Capital LLC now owns 11,338 shares of the company’s stock worth $288,000 after buying an additional 1,242 shares during the last quarter. US Bancorp DE lifted its stake in shares of Sable Offshore by 62.2% during the 1st quarter. US Bancorp DE now owns 3,281 shares of the company’s stock worth $83,000 after buying an additional 1,258 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Sable Offshore by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock worth $761,000 after buying an additional 1,271 shares during the period. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Trading Up 17.7%

SOC stock traded up $0.95 during trading on Monday, reaching $6.29. 12,905,094 shares of the stock were exchanged, compared to its average volume of 3,090,067. Sable Offshore has a twelve month low of $4.58 and a twelve month high of $35.00. The stock has a 50 day simple moving average of $17.59 and a 200-day simple moving average of $22.93. The company has a market capitalization of $625.52 million, a P/E ratio of -1.85 and a beta of 0.46.

Sable Offshore (NYSE:SOC) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Equities analysts predict that Sable Offshore will post -6.39 EPS for the current year.

About Sable Offshore

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.