Sable Offshore Corp. (NYSE:SOC) Major Shareholder Global Icav Pilgrim Buys 750,000 Shares of Stock

Sable Offshore Corp. (NYSE:SOC) major shareholder Global Icav Pilgrim bought 750,000 shares of the stock in a transaction on Thursday, September 19th. The stock was purchased at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the completion of the purchase, the insider now owns 8,791,001 shares of the company’s stock, valued at $175,820,020. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Global Icav Pilgrim also recently made the following trade(s):

• On Tuesday, August 27th, Global Icav Pilgrim bought 41,000 shares of Sable Offshore stock. The stock was purchased at an average price of $15.45 per share, with a total value of $633,450.00.

Sable Offshore Trading Up 5.1 %

NYSE SOC opened at $23.33 on Tuesday. The company has a fifty day simple moving average of $17.84 and a two-hundred day simple moving average of $14.57. Sable Offshore Corp. has a 12-month low of $10.11 and a 12-month high of $28.67. The company has a quick ratio of 2.46, a current ratio of 2.73 and a debt-to-equity ratio of 6.48.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). On average, equities research analysts expect that Sable Offshore Corp. will post -2.82 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Amalgamated Bank purchased a new position in shares of Sable Offshore during the second quarter worth $26,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Sable Offshore during the second quarter worth $86,000. Spartan Fund Management Inc. purchased a new position in shares of Sable Offshore during the second quarter worth $162,000. Walleye Trading LLC purchased a new position in shares of Sable Offshore during the first quarter worth $235,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Sable Offshore during the second quarter worth $324,000. Hedge funds and other institutional investors own 26.19% of the company’s stock.

Analysts Set New Price Targets

SOC has been the subject of several recent analyst reports. Jefferies Financial Group raised their target price on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Benchmark restated a “buy” rating and issued a $24.00 target price on shares of Sable Offshore in a research note on Wednesday, July 24th.

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.