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

Sable Offshore Corp. (NYSE:SOC) was the target of unusually large options trading on Wednesday. Traders purchased 9,286 call options on the stock. This represents an increase of approximately 164% compared to the typical daily volume of 3,514 call options.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors and hedge funds have recently bought and sold shares of SOC. JPMorgan Chase & Co. raised its holdings in shares of Sable Offshore by 153.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 120,032 shares of the company’s stock worth $2,836,000 after buying an additional 72,694 shares in the last quarter. Barclays PLC boosted its stake in shares of Sable Offshore by 342.9% in the 3rd quarter. Barclays PLC now owns 77,583 shares of the company’s stock valued at $1,832,000 after purchasing an additional 60,065 shares in the last quarter. GM Advisory Group LLC grew its holdings in shares of Sable Offshore by 370.3% in the 3rd quarter. GM Advisory Group LLC now owns 510,000 shares of the company’s stock worth $12,051,000 after purchasing an additional 401,559 shares during the last quarter. Corsair Capital Management L.P. bought a new position in Sable Offshore during the 3rd quarter valued at about $591,000. Finally, Geode Capital Management LLC boosted its position in Sable Offshore by 2.6% in the third 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. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Stock Up 10.1 %

Shares of Sable Offshore stock traded up $2.66 during trading on Wednesday, hitting $28.84. 1,541,762 shares of the stock traded hands, compared to its average volume of 917,128. The company has a fifty day moving average price of $22.53 and a two-hundred day moving average price of $20.42. Sable Offshore has a twelve month low of $10.11 and a twelve month high of $29.80. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Benchmark reiterated a “buy” rating and issued a $37.00 target price on shares of Sable Offshore in a report on Monday, October 7th. BWS Financial reiterated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a report on Wednesday, November 27th. Johnson Rice initiated coverage on shares of Sable Offshore in a research note on Tuesday, November 5th. They issued a “buy” rating and a $30.00 price target for the company. Finally, Pickering Energy Partners started coverage on Sable Offshore in a report on Tuesday, December 17th. They set an “outperform” rating on the stock. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $25.00.

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.