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

Sable Offshore Corp. (NYSE:SOC) saw some unusual options trading on Thursday. Stock traders bought 7,939 call options on the company. This represents an increase of 78% compared to the typical volume of 4,452 call options.

Sable Offshore Price Performance

NYSE:SOC traded up $5.66 during midday trading on Thursday, hitting $30.13. The company’s stock had a trading volume of 3,231,337 shares, compared to its average volume of 1,280,585. Sable Offshore has a fifty-two week low of $10.11 and a fifty-two week high of $30.99. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The firm’s 50 day moving average is $23.39 and its 200-day moving average is $21.48.

Institutional Trading of Sable Offshore

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Summit Securities Group LLC acquired a new position in Sable Offshore during the fourth quarter valued at $53,000. IFP Advisors Inc acquired a new position in shares of Sable Offshore in the 4th quarter valued at about $81,000. ORG Wealth Partners LLC purchased a new stake in shares of Sable Offshore in the fourth quarter worth about $106,000. Salem Investment Counselors Inc. boosted its stake in shares of Sable Offshore by 81.8% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after buying an additional 2,250 shares during the last quarter. Finally, US Bancorp DE grew its holdings in Sable Offshore by 340.4% during the third quarter. US Bancorp DE now owns 4,862 shares of the company’s stock worth $115,000 after acquiring an additional 3,758 shares during the period. Institutional investors and hedge funds own 26.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Johnson Rice started coverage on shares of Sable Offshore in a research report on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price objective for the company. 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, 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. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $25.00.

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.