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

Sable Offshore Corp. (NYSE:SOC - Get Free Report) major shareholder Global Icav Pilgrim sold 143,806 shares of the firm's stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the sale, the insider now owns 10,100,569 shares of the company's stock, valued at $256,251,435.53. This represents a 1.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

Sable Offshore Trading Up 0.9 %

Sable Offshore stock traded up $0.17 during trading hours on Friday, hitting $19.78. 1,081,771 shares of the stock were exchanged, compared to its average volume of 1,118,430. Sable Offshore Corp. has a 12 month low of $10.26 and a 12 month high of $32.33. The business's 50-day moving average is $23.41 and its two-hundred day moving average is $23.17. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Institutional Investors Weigh In On Sable Offshore

A number of large investors have recently bought and sold shares of the business. Summit Securities Group LLC acquired a new position in Sable Offshore in the fourth quarter worth $53,000. IFP Advisors Inc bought a new position in shares of Sable Offshore in the fourth quarter valued at about $81,000. ORG Wealth Partners LLC acquired a new position in Sable Offshore during the 4th quarter worth about $106,000. Salem Investment Counselors Inc. grew its holdings in Sable Offshore by 81.8% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company's stock worth $114,000 after acquiring an additional 2,250 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in Sable Offshore in the 4th quarter valued at about $144,000. 26.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Benchmark reaffirmed a "buy" rating on shares of Sable Offshore in a report on Tuesday, March 18th. BWS Financial restated a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Mkm assumed coverage on Sable Offshore in a report on Thursday, March 27th. They set a "buy" rating and a $30.00 price objective on the stock. Finally, Roth Capital set a $30.00 target price on Sable Offshore in a research report on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Sable Offshore presently has a consensus rating of "Moderate Buy" and a consensus target price of $27.50.

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.