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

Sable Offshore Corp. (NYSE:SOC) saw some unusual options trading activity on Wednesday. Investors bought 9,286 call options on the stock. This represents an increase of approximately 164% compared to the average volume of 3,514 call options.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank acquired a new position in Sable Offshore in the second quarter worth approximately $26,000. ORG Wealth Partners LLC acquired a new stake in shares of Sable Offshore in the 4th quarter valued at $106,000. Salem Investment Counselors Inc. lifted its stake in shares of Sable Offshore by 81.8% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock valued at $114,000 after purchasing an additional 2,250 shares during the last quarter. US Bancorp DE lifted its stake in shares of Sable Offshore by 340.4% in the 3rd quarter. US Bancorp DE now owns 4,862 shares of the company’s stock valued at $115,000 after purchasing an additional 3,758 shares during the last quarter. Finally, Covestor Ltd acquired a new stake in shares of Sable Offshore in the 3rd quarter valued at $130,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Johnson Rice assumed coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective on the stock. BWS Financial reiterated a “sell” rating and set a $6.00 price objective on shares of Sable Offshore in a research note on Wednesday, November 27th. 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. Finally, Benchmark reiterated a “buy” rating and set a $37.00 price objective on shares of Sable Offshore in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.00.

Sable Offshore Stock Performance

Sable Offshore stock opened at $28.25 on Friday. 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 1 year low of $10.11 and a 1 year high of $29.80. The firm’s 50 day moving average price is $22.69 and its two-hundred day moving average price is $20.54.

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.