Insider Buying: Sable Offshore Corp. (NYSE:SOC) Major Shareholder Acquires $633,450.00 in Stock

Sable Offshore Corp. (NYSE:SOC) major shareholder Global Icav Pilgrim bought 41,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The stock was purchased at an average cost of $15.45 per share, for a total transaction of $633,450.00. Following the completion of the purchase, the insider now owns 8,041,001 shares of the company’s stock, valued at $124,233,465.45. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Sable Offshore Trading Up 2.2 %

SOC opened at $16.84 on Friday. Sable Offshore Corp. has a 1 year low of $10.11 and a 1 year high of $17.30. The stock has a 50-day moving average price of $15.48 and a 200-day moving average price of $13.39. The company has a quick ratio of 2.60, a current ratio of 2.80 and a debt-to-equity ratio of 2.91.

Sable Offshore (NYSE:SOC) last issued its earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($2.36). On average, equities research analysts anticipate that Sable Offshore Corp. will post -1.6 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SOC has been the topic of a number of research analyst reports. Jefferies Financial Group initiated coverage on Sable Offshore in a report on Tuesday, August 13th. They set a “buy” rating and a $19.00 price target on the stock. Benchmark reissued a “buy” rating and set a $24.00 price objective on shares of Sable Offshore in a research note on Wednesday, July 24th.

Hedge Funds Weigh In On Sable Offshore

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fayez Sarofim & Co purchased a new stake in Sable Offshore during the first quarter valued at $32,880,000. Bank of New York Mellon Corp purchased a new stake in shares of Sable Offshore during the second quarter worth about $2,154,000. GM Advisory Group LLC purchased a new stake in Sable Offshore during the 2nd quarter valued at approximately $1,634,000. Rhumbline Advisers bought a new position in shares of Sable Offshore during the 2nd quarter valued at about $862,000. Finally, Emfo LLC bought a new stake in shares of Sable Offshore in the second quarter worth about $371,000. 26.19% of the stock is owned by institutional investors.

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.