Insider Buying: Sable Offshore Corp. (NYSE:SOC) Major Shareholder Acquires 750,000 Shares of Stock

Sable Offshore Corp. (NYSE:SOC) major shareholder Global Icav Pilgrim acquired 750,000 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was acquired at an average price of $20.00 per share, with a total value of $15,000,000.00. Following the transaction, the insider now owns 8,791,001 shares in the company, valued at approximately $175,820,020. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions 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 acquired at an average price of $15.45 per share, with a total value of $633,450.00.

Sable Offshore Price Performance

Shares of SOC stock opened at $24.74 on Wednesday. Sable Offshore Corp. has a 12 month low of $10.11 and a 12 month high of $28.67. The company has a current ratio of 2.73, a quick ratio of 2.46 and a debt-to-equity ratio of 6.48. The stock has a 50-day moving average price of $18.02 and a 200 day moving average price of $14.66.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($0.39) by ($2.36). As a group, analysts predict that Sable Offshore Corp. will post -2.82 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SOC shares. Jefferies Financial Group raised their price objective on shares of Sable Offshore from $19.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Benchmark boosted their price objective on shares of Sable Offshore from $24.00 to $37.00 and gave the stock a “buy” rating in a research report on Tuesday.

Institutional Trading of Sable Offshore

Several institutional investors and hedge funds have recently made changes to their positions in the business. Fayez Sarofim & Co bought a new position in shares of Sable Offshore in the 1st quarter worth $32,880,000. Bank of New York Mellon Corp acquired a new position in Sable Offshore in the second quarter valued at about $2,154,000. GM Advisory Group LLC bought a new position in Sable Offshore during the second quarter worth about $1,634,000. Rhumbline Advisers acquired a new position in shares of Sable Offshore during the 2nd quarter worth about $862,000. Finally, Emfo LLC acquired a new position in shares of Sable Offshore during the 2nd quarter worth about $371,000. Institutional investors own 26.19% of the company’s stock.

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.