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

Sable Offshore Corp. (NYSE:SOC) saw some unusual options trading on Tuesday. Investors bought 11,945 call options on the company. This represents an increase of approximately 99% compared to the typical volume of 6,014 call options.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOC. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Sable Offshore by 9.9% during the 3rd 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 buying an additional 3,531 shares during the period. State Street Corp grew its stake 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 purchasing an additional 677,426 shares in the last quarter. XTX Topco Ltd acquired a new position in Sable Offshore in the 3rd quarter worth about $406,000. Barclays PLC raised its stake in shares of Sable Offshore by 342.9% during the 3rd quarter. Barclays PLC now owns 77,583 shares of the company’s stock worth $1,832,000 after purchasing an additional 60,065 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Sable Offshore by 2.6% in the 3rd 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 in the last quarter. 26.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SOC has been the topic of a number of recent research reports. Roth Mkm began coverage on Sable Offshore in a report on Thursday, March 27th. They issued a “buy” rating and a $30.00 target price on the stock. BWS Financial reissued a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, March 18th. Pickering Energy Partners initiated coverage on Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating on the stock. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a report on Tuesday, March 18th. Finally, Roth Capital set a $30.00 price target on shares of Sable Offshore in a report on Thursday, March 27th. One research analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Sable Offshore has an average rating of “Moderate Buy” and an average price target of $27.50.

Sable Offshore Stock Performance

NYSE:SOC opened at $19.69 on Wednesday. The stock’s 50-day moving average is $24.63 and its two-hundred day moving average is $23.37. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86. Sable Offshore has a fifty-two week low of $10.11 and a fifty-two week high of $32.33.

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.