Sable Offshore Sees Unusually High Options Volume (NYSE:SOC)

Sable Offshore Corp. (NYSE:SOC - Get Free Report) was the target of unusually large options trading activity on Tuesday. Stock investors bought 11,945 call options on the company. This represents an increase of 99% compared to the average daily volume of 6,014 call options.

Analysts Set New Price Targets

Several brokerages recently issued reports on SOC. Roth Capital set a $30.00 price objective on shares of Sable Offshore in a research note on Thursday, March 27th. Benchmark reissued a "buy" rating on shares of Sable Offshore in a research note 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, Roth Mkm assumed coverage on Sable Offshore in a research note on Thursday, March 27th. They issued a "buy" rating and a $30.00 target price for the company. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $27.50.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Sable Offshore by 23.6% during the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock worth $79,832,000 after purchasing an additional 665,407 shares in the last quarter. State Street Corp grew its position in Sable Offshore by 74.3% in the third quarter. State Street Corp now owns 1,589,395 shares of the company's stock valued at $37,557,000 after acquiring an additional 677,426 shares in the last quarter. Encompass Capital Advisors LLC raised its stake in shares of Sable Offshore by 128.9% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock valued at $32,060,000 after purchasing an additional 788,495 shares during the period. Geode Capital Management LLC lifted its position in shares of Sable Offshore by 16.9% during the fourth quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company's stock worth $28,155,000 after purchasing an additional 177,971 shares in the last quarter. Finally, Greenhaven Road Investment Management L.P. grew its holdings in Sable Offshore by 24.3% during the 4th quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company's stock valued at $14,275,000 after purchasing an additional 121,751 shares in the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Stock Up 3.1 %

Sable Offshore stock traded up $0.61 during midday trading on Friday, reaching $20.22. The stock had a trading volume of 2,438,025 shares, compared to its average volume of 1,093,832. The stock's 50-day simple moving average is $24.44 and its 200 day simple moving average is $23.28. Sable Offshore has a twelve month low of $10.26 and a twelve month high of $32.33. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

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.