Stock Traders Purchase High Volume of Call Options on Sable Offshore (NYSE:SOC)

Sable Offshore Corp. (NYSE:SOC) was the target of unusually large options trading on Thursday. Traders bought 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.

Insider Transactions at Sable Offshore

In other news, EVP Gregory D. Patrinely sold 40,743 shares of the business’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 transaction, the executive vice president owned 502,051 shares of the company’s stock, valued at approximately $6,692,339.83. The trade was a 7.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner 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 sale, the insider directly owned 530,176 shares of the company’s stock, valued at $7,067,246.08. This represents a 7.14% decrease in their position. 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. Insiders have sold a total of 240,163 shares of company stock worth $3,228,498 in the last quarter. Company insiders own 20.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Fifth Third Bancorp acquired a new position in Sable Offshore during the 1st quarter worth about $29,000. NewEdge Advisors LLC grew its position in Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after acquiring an additional 650 shares in the last quarter. KBC Group NV grew its position in Sable Offshore by 48.7% in the 1st quarter. KBC Group NV now owns 3,132 shares of the company’s stock valued at $52,000 after acquiring an additional 1,026 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in Sable Offshore during the fourth quarter worth about $37,000. Finally, Royal Bank of Canada increased its stake in Sable Offshore by 22.3% during the first quarter. Royal Bank of Canada now owns 4,917 shares of the company’s stock worth $82,000 after purchasing an additional 895 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Benchmark reiterated a “hold” rating on shares of Sable Offshore in a report on Wednesday, July 8th. Roth Capital lowered their price objective on Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, July 1st. Finally, Zacks Research cut 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 assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $15.33.

Sable Offshore Stock Performance

Shares of Sable Offshore stock traded up $0.30 on Thursday, reaching $4.68. The company had a trading volume of 3,542,372 shares, compared to its average volume of 7,425,439. The firm’s 50 day moving average price is $9.39 and its two-hundred day moving average price is $11.28. Sable Offshore has a 52-week low of $2.88 and a 52-week high of $31.74. The firm has a market cap of $722.10 million, a PE ratio of -1.08 and a beta of -0.08.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings data on Wednesday, May 6th. The company reported ($1.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.85). The company had revenue of $1.27 million for the quarter, compared to analysts’ expectations of $16.10 million. As a group, sell-side analysts predict that Sable Offshore will post -0.36 EPS for the current year.

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.