Stock Traders Buy Large Volume of Call Options on Sable Offshore (NYSE:SOC)

Sable Offshore Corp. (NYSE:SOC - Get Free Report) was the target of unusually large options trading on Tuesday. Traders bought 3,707 call options on the stock. This represents an increase of 679% compared to the typical volume of 476 call options.

Insider Buying and Selling

In other Sable Offshore news, major shareholder Global Icav Pilgrim bought 41,000 shares of Sable Offshore stock in a transaction that occurred on Tuesday, August 27th. The stock was acquired at an average cost of $15.45 per share, for a total transaction of $633,450.00. Following the completion of the transaction, the insider now directly owns 8,041,001 shares in the company, valued at $124,233,465.45. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, major shareholder Global Icav Pilgrim purchased 41,000 shares of the company's stock in a transaction on Tuesday, August 27th. The stock was purchased at an average price of $15.45 per share, with a total value of $633,450.00. Following the completion of the purchase, the insider now directly owns 8,041,001 shares in the company, valued at approximately $124,233,465.45. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Gregory Phillip Pipkin sold 82,238 shares of Sable Offshore stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $14.66, for a total value of $1,205,609.08. Following the sale, the director now directly owns 85,540 shares of the company's stock, valued at approximately $1,254,016.40. The disclosure for this sale can be found here. 14.30% of the stock is owned by company insiders.

Institutional Trading of Sable Offshore

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Fayez Sarofim & Co bought a new position in Sable Offshore in the 1st quarter valued at approximately $32,880,000. Bank of New York Mellon Corp bought a new position in Sable Offshore in the 2nd quarter valued at approximately $2,154,000. GM Advisory Group LLC bought a new position in Sable Offshore in the 2nd quarter valued at approximately $1,634,000. Rhumbline Advisers bought a new position in Sable Offshore in the 2nd quarter valued at approximately $862,000. Finally, Emfo LLC bought a new position in Sable Offshore in the 2nd quarter valued at approximately $371,000. Hedge funds and other institutional investors own 26.19% of the company's stock.

Analyst Upgrades and Downgrades

SOC has been the subject of a number of recent research reports. Benchmark reissued a "buy" rating and issued a $24.00 target price on shares of Sable Offshore in a research note on Wednesday, July 24th. Jefferies Financial Group initiated coverage on Sable Offshore in a research note on Tuesday, August 13th. They issued a "buy" rating and a $19.00 target price for the company.

Sable Offshore Stock Performance

Shares of SOC stock traded up $6.59 during midday trading on Tuesday, reaching $23.43. 9,159,688 shares of the stock were exchanged, compared to its average volume of 356,521. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $24.36. The company's 50 day moving average is $15.70 and its two-hundred day moving average is $13.49. The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.39) by ($2.36). Research analysts expect that Sable Offshore will post -2.82 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.