Sable Offshore Target of Unusually High Options Trading (NYSE:SOC)

Sable Offshore Corp. (NYSE:SOC) was the target of unusually large options trading activity on Thursday. Stock investors acquired 7,939 call options on the company. This represents an increase of approximately 78% compared to the typical volume of 4,452 call options.

Institutional Trading of Sable Offshore

A number of large investors have recently made changes to their positions in SOC. Invesco Ltd. increased its stake in Sable Offshore by 2.7% in the fourth quarter. Invesco Ltd. now owns 26,030 shares of the company’s stock valued at $596,000 after purchasing an additional 679 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Sable Offshore by 31.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock valued at $179,000 after acquiring an additional 1,830 shares during the last quarter. Salem Investment Counselors Inc. lifted its position in Sable Offshore by 81.8% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after acquiring an additional 2,250 shares during the period. Summit Securities Group LLC purchased a new position in shares of Sable Offshore in the 4th quarter valued at approximately $53,000. Finally, Legal & General Group Plc increased its holdings in shares of Sable Offshore by 7.2% in the fourth quarter. Legal & General Group Plc now owns 43,284 shares of the company’s stock valued at $991,000 after purchasing an additional 2,890 shares during the period. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Trading Up 23.1 %

Shares of Sable Offshore stock traded up $5.66 during trading hours on Thursday, reaching $30.13. 3,231,337 shares of the company were exchanged, compared to its average volume of 1,280,585. The stock’s fifty day moving average is $23.39 and its 200 day moving average is $21.48. Sable Offshore has a 1 year low of $10.11 and a 1 year high of $30.99. The company has a quick ratio of 3.34, a current ratio of 3.50 and a debt-to-equity ratio of 4.86.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports 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 Wednesday, November 27th. Pickering Energy Partners started coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They issued an “outperform” rating on the stock. Finally, Johnson Rice assumed coverage on Sable Offshore in a research note on Tuesday, November 5th. They set a “buy” rating and a $30.00 price objective for the company. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.