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

Sable Offshore Corp. (NYSE:SOC) was the recipient of unusually large options trading on Thursday. Stock investors bought 41,549 call options on the company. This represents an increase of 86% compared to the average daily volume of 22,333 call options.

Institutional Investors Weigh In On Sable Offshore

Hedge funds have recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. acquired a new stake in Sable Offshore during the 4th quarter valued at $37,000. CWM LLC boosted its position in shares of Sable Offshore by 1,262.8% in the second quarter. CWM LLC now owns 1,867 shares of the company’s stock worth $41,000 after buying an additional 1,730 shares during the period. KBC Group NV purchased a new position in shares of Sable Offshore during the second quarter valued at $46,000. Aster Capital Management DIFC Ltd boosted its position in Sable Offshore by 263.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after acquiring an additional 3,790 shares during the period. Finally, NewEdge Advisors LLC grew its stake in Sable Offshore by 36.2% during 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. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. TD Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, January 27th. Jefferies Financial Group restated a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. Finally, Benchmark reissued a “hold” rating on shares of Sable Offshore in a research note on Thursday. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $17.00.

Sable Offshore Stock Performance

Shares of NYSE SOC traded up $3.14 during trading on Thursday, hitting $13.23. The company had a trading volume of 12,151,479 shares, compared to its average volume of 6,709,294. Sable Offshore has a 52 week low of $3.72 and a 52 week high of $35.00. The business’s 50-day moving average is $9.49 and its 200 day moving average is $12.73. The company has a market cap of $1.92 billion, a P/E ratio of -3.15 and a beta of 0.43.

Sable Offshore (NYSE:SOC) last issued its earnings results on Friday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.20. The company had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.50 million. On average, research analysts expect that Sable Offshore will post -6.39 EPS for the current year.

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.