Insider Selling: Sable Offshore Corp. (NYSE:SOC) Major Shareholder Sells 167,175 Shares of Stock

Sable Offshore Corp. (NYSE:SOC - Get Free Report) major shareholder Global Icav Pilgrim sold 167,175 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $21.98, for a total value of $3,674,506.50. Following the completion of the transaction, the insider owned 9,933,394 shares of the company's stock, valued at $218,336,000.12. The trade was a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

Sable Offshore Trading Up 2.0%

Shares of NYSE:SOC traded up $0.57 during trading on Thursday, reaching $28.68. The stock had a trading volume of 1,527,795 shares, compared to its average volume of 3,598,015. Sable Offshore Corp. has a fifty-two week low of $13.66 and a fifty-two week high of $35.00. The business has a fifty day moving average price of $25.45 and a 200-day moving average price of $24.40. The company has a debt-to-equity ratio of 3.04, a quick ratio of 1.57 and a current ratio of 1.67.

Sable Offshore (NYSE:SOC - Get Free Report) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($1.05) EPS for the quarter, missing analysts' consensus estimates of ($0.42) by ($0.63). The firm had revenue of $78.00 million for the quarter, compared to the consensus estimate of $21.00 million. As a group, analysts predict that Sable Offshore Corp. will post -6.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. BWS Financial reaffirmed a "sell" rating and set a $6.00 price target on shares of Sable Offshore in a report on Tuesday, May 13th. Roth Capital set a $37.00 target price on Sable Offshore and gave the stock a "buy" rating in a research note on Friday, May 23rd. Benchmark increased their price target on shares of Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a research note on Tuesday, May 20th. Jefferies Financial Group reissued a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Finally, Roth Mkm assumed coverage on shares of Sable Offshore in a report on Thursday, March 27th. They issued a "buy" rating and a $30.00 target price for the company. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $30.33.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. SVB Wealth LLC acquired a new stake in Sable Offshore during the 1st quarter valued at approximately $29,000. Quantbot Technologies LP acquired a new position in shares of Sable Offshore in the 1st quarter valued at approximately $48,000. Summit Securities Group LLC purchased a new position in shares of Sable Offshore during the 4th quarter valued at approximately $53,000. NewEdge Advisors LLC boosted its stake in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after buying an additional 650 shares during the last quarter. Finally, US Bancorp DE grew its position in shares of Sable Offshore by 62.2% during the first quarter. US Bancorp DE now owns 3,281 shares of the company's stock worth $83,000 after buying an additional 1,258 shares in the last quarter. 26.19% of the stock is owned by institutional investors and hedge funds.

Sable Offshore Company Profile

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.