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

Sable Offshore Corp. (NYSE:SOC) was the target of unusually large options trading on Thursday. Traders purchased 7,939 call options on the company. This is an increase of approximately 78% compared to the typical daily volume of 4,452 call options.

Analyst Upgrades and Downgrades

SOC has been the subject of several recent research reports. Johnson Rice initiated coverage on Sable Offshore in a report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price objective for the company. BWS Financial restated a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. Finally, Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $25.00.

Sable Offshore Price Performance

NYSE SOC opened at $30.60 on Friday. Sable Offshore has a 12-month low of $10.11 and a 12-month high of $31.56. The firm’s fifty day simple moving average is $23.39 and its two-hundred day simple moving average is $21.48. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Institutional Investors Weigh In On Sable Offshore

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SOC. Bridgewater Associates LP purchased a new stake in shares of Sable Offshore during the fourth quarter worth about $4,693,000. XTX Topco Ltd boosted its stake in Sable Offshore by 101.0% in the 4th quarter. XTX Topco Ltd now owns 34,505 shares of the company’s stock worth $790,000 after purchasing an additional 17,337 shares in the last quarter. Mariner LLC grew its position in Sable Offshore by 232.1% during the 4th quarter. Mariner LLC now owns 39,496 shares of the company’s stock worth $904,000 after purchasing an additional 27,604 shares during the last quarter. Barclays PLC increased its stake in Sable Offshore by 11.9% during the 4th quarter. Barclays PLC now owns 86,835 shares of the company’s stock valued at $1,988,000 after purchasing an additional 9,252 shares in the last quarter. Finally, Townsquare Capital LLC purchased a new position in shares of Sable Offshore in the fourth quarter worth $231,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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.