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

Sable Offshore Corp. (NYSE:SOC) major shareholder Global Icav Pilgrim purchased 750,000 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was acquired at an average cost of $20.00 per share, for a total transaction of $15,000,000.00. Following the completion of the transaction, the insider now owns 8,791,001 shares in the company, valued at $175,820,020. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 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 acquired 41,000 shares of Sable Offshore stock. The stock was bought at an average price of $15.45 per share, for a total transaction of $633,450.00.

Sable Offshore Stock Up 5.9 %

Shares of NYSE SOC opened at $24.74 on Wednesday. Sable Offshore Corp. has a one year low of $10.11 and a one year high of $28.67. 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 fifty day simple moving average of $18.02 and a 200 day simple moving average of $14.66.

Sable Offshore (NYSE:SOC) last announced its quarterly earnings data 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). As a group, equities research analysts expect that Sable Offshore Corp. will post -2.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

A number of hedge funds have recently modified their holdings of SOC. Fayez Sarofim & Co bought a new stake in Sable Offshore in the first quarter valued at $32,880,000. Walleye Trading LLC acquired a new stake in shares of Sable Offshore in the 1st quarter valued at $235,000. Bank of New York Mellon Corp bought a new stake in shares of Sable Offshore in the 2nd quarter worth about $2,154,000. Emfo LLC acquired a new stake in shares of Sable Offshore during the 2nd quarter worth about $371,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Sable Offshore during the 2nd quarter valued at about $86,000. 26.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SOC. Benchmark increased their price target on shares of Sable Offshore from $24.00 to $37.00 and gave the company a “buy” rating in a report on Tuesday. Jefferies Financial Group increased 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.

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.