Global Icav Pilgrim Sells 143,806 Shares of Sable Offshore Corp. (NYSE:SOC) Stock

by · The Markets Daily

Sable Offshore Corp. (NYSE:SOC – Get Free Report) major shareholder Global Icav Pilgrim sold 143,806 shares of the company’s stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $25.37, for a total transaction of $3,648,358.22. Following the sale, the insider now directly owns 10,100,569 shares of the company’s stock, valued at approximately $256,251,435.53. This represents a 1.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Sable Offshore Trading Down 3.7 %

SOC stock opened at $18.66 on Wednesday. Sable Offshore Corp. has a 52-week low of $10.26 and a 52-week high of $32.33. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34. The business has a fifty day moving average of $24.10 and a two-hundred day moving average of $23.20.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds have recently modified their holdings of SOC. Vanguard Group Inc. raised its holdings in Sable Offshore by 23.6% in the 4th quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company’s stock valued at $79,832,000 after buying an additional 665,407 shares during the period. Encompass Capital Advisors LLC raised its stake in shares of Sable Offshore by 128.9% in the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company’s stock valued at $32,060,000 after acquiring an additional 788,495 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Sable Offshore by 16.9% in the 4th quarter. Geode Capital Management LLC now owns 1,229,148 shares of the company’s stock worth $28,155,000 after acquiring an additional 177,971 shares during the last quarter. Greenhaven Road Investment Management L.P. boosted its position in shares of Sable Offshore by 24.3% during the 4th quarter. Greenhaven Road Investment Management L.P. now owns 623,364 shares of the company’s stock worth $14,275,000 after purchasing an additional 121,751 shares during the period. Finally, GM Advisory Group LLC increased its holdings in Sable Offshore by 17.6% in the 4th quarter. GM Advisory Group LLC now owns 600,000 shares of the company’s stock valued at $13,740,000 after purchasing an additional 90,000 shares during the last quarter. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SOC. BWS Financial restated a “sell” rating and set a $6.00 target price on shares of Sable Offshore in a report on Tuesday, March 18th. Roth Mkm started coverage on Sable Offshore in a report on Thursday, March 27th. They issued a “buy” rating and a $30.00 target price for the company. Roth Capital set a $30.00 target price on Sable Offshore in a research note on Thursday, March 27th. Finally, Benchmark reissued a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Sable Offshore currently has a consensus rating of “Moderate Buy” and an average price target of $27.50.

View Our Latest Research Report on Sable Offshore

About Sable Offshore

(Get Free Report)

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.

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