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

Sable Offshore Corp. (NYSE:SOC) was the target of unusually large options trading activity on Tuesday. Stock traders acquired 11,945 call options on the stock. This represents an increase of 99% compared to the typical daily volume of 6,014 call options.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SOC shares. Roth Capital set a $30.00 target price on Sable Offshore in a research note on Thursday, March 27th. Roth Mkm started coverage on Sable Offshore in a research note on Thursday, March 27th. They set a “buy” rating and a $30.00 target price on the stock. Benchmark restated a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. BWS Financial reaffirmed a “sell” rating and issued a $6.00 price objective on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Pickering Energy Partners assumed coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $27.50.

Sable Offshore Stock Up 3.8 %

Shares of NYSE:SOC traded up $0.73 during midday trading on Tuesday, reaching $20.05. 987,732 shares of the company traded hands, compared to its average volume of 1,064,121. The firm’s fifty day moving average price is $24.69 and its two-hundred day moving average price is $23.40. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. Sable Offshore has a 12 month low of $10.11 and a 12 month high of $32.33.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Sable Offshore by 9.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 39,248 shares of the company’s stock valued at $927,000 after acquiring an additional 3,531 shares in the last quarter. State Street Corp grew its position in shares of Sable Offshore by 74.3% during the 3rd quarter. State Street Corp now owns 1,589,395 shares of the company’s stock valued at $37,557,000 after purchasing an additional 677,426 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Sable Offshore in the third quarter worth $406,000. Barclays PLC raised its position in shares of Sable Offshore by 342.9% in the third quarter. Barclays PLC now owns 77,583 shares of the company’s stock worth $1,832,000 after buying an additional 60,065 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Sable Offshore by 2.6% during the third quarter. Geode Capital Management LLC now owns 1,051,177 shares of the company’s stock valued at $24,844,000 after buying an additional 26,934 shares during the period. 26.19% of the stock is currently owned by 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.