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

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 cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the acquisition, the insider now owns 8,791,001 shares of the company’s stock, valued at approximately $175,820,020. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 cost of $15.45 per share, for a total transaction of $633,450.00.

Sable Offshore Stock Performance

SOC traded up $1.17 during midday trading on Monday, reaching $23.37. The company had a trading volume of 2,105,926 shares, compared to its average volume of 430,180. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73. The business has a 50-day moving average of $17.70 and a two-hundred day moving average of $14.50. Sable Offshore Corp. has a 1 year low of $10.11 and a 1 year high of $28.67.

Sable Offshore (NYSE:SOC) last released 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 predict that Sable Offshore Corp. will post -2.82 earnings per share for the current year.

Institutional Trading of Sable Offshore

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

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Benchmark reissued a “buy” rating and issued a $24.00 target price on shares of Sable Offshore in a report on Wednesday, July 24th. Jefferies Financial Group upped their price target on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th.

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.