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

Sable Offshore Corp. (NYSE:SOC - Get Free Report) was the recipient of unusually large options trading on Wednesday. Stock investors bought 9,286 call options on the stock. This is an increase of approximately 164% compared to the typical volume of 3,514 call options.

Wall Street Analyst Weigh In

SOC has been the subject of several research analyst reports. Johnson Rice initiated coverage on Sable Offshore in a research note on Tuesday, November 5th. They set a "buy" rating and a $30.00 target price for the company. Benchmark reissued a "buy" rating and set a $37.00 target price on shares of Sable Offshore in a research note on Monday, October 7th. Pickering Energy Partners initiated coverage on Sable Offshore in a research note on Tuesday, December 17th. They set an "outperform" rating for the company. Finally, BWS Financial restated a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat, Sable Offshore currently has an average rating of "Moderate Buy" and an average price target of $25.00.

Sable Offshore Stock Performance

Shares of NYSE:SOC traded up $1.87 during midday trading on Wednesday, hitting $28.05. 4,309,852 shares of the stock were exchanged, compared to its average volume of 1,148,815. The business's 50-day moving average price is $22.69 and its 200 day moving average price is $20.54. Sable Offshore has a 12 month low of $10.11 and a 12 month high of $29.80. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Institutional Trading of Sable Offshore

Several institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank bought a new stake in Sable Offshore in the second quarter valued at approximately $26,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Sable Offshore by 31.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company's stock valued at $179,000 after acquiring an additional 1,830 shares during the last quarter. Salem Investment Counselors Inc. boosted its holdings in Sable Offshore by 81.8% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company's stock valued at $114,000 after acquiring an additional 2,250 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Sable Offshore by 9.9% in 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 during the last quarter. Finally, US Bancorp DE lifted its stake in Sable Offshore by 340.4% in the third quarter. US Bancorp DE now owns 4,862 shares of the company's stock valued at $115,000 after buying an additional 3,758 shares during the period. 26.19% of the stock is currently owned by institutional investors.

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.