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

Sable Offshore Corp. (NYSE:SOC) was the recipient of some unusual options trading activity on Wednesday. Stock investors purchased 9,286 call options on the company. This is an increase of approximately 164% compared to the average daily volume of 3,514 call options.

Sable Offshore Stock Up 7.2 %

Shares of NYSE:SOC opened at $28.05 on Thursday. Sable Offshore has a 12 month low of $10.11 and a 12 month high of $29.80. The firm’s 50-day moving average is $22.69 and its 200 day moving average is $20.54. The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds have recently added to or reduced their stakes in SOC. Amalgamated Bank bought a new position in Sable Offshore in the 2nd quarter worth about $26,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Sable Offshore by 31.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock worth $179,000 after acquiring an additional 1,830 shares in the last quarter. Salem Investment Counselors Inc. grew its stake in Sable Offshore by 81.8% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after acquiring an additional 2,250 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Sable Offshore by 9.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 39,248 shares of the company’s stock worth $927,000 after acquiring an additional 3,531 shares in the last quarter. Finally, US Bancorp DE grew its stake in Sable Offshore by 340.4% in the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after acquiring an additional 3,758 shares in the last quarter. 26.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SOC. Pickering Energy Partners began coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They set an “outperform” rating on the stock. BWS Financial restated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a research note on Wednesday, November 27th. Benchmark restated a “buy” rating and set a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. Finally, Johnson Rice began coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 target price on the stock. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

Sable Offshore Company Profile

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.