Sable Offshore (NYSE:SOC) Major Shareholder Global Icav Pilgrim Purchases 982,645 Shares

Key Points

• Global Icav Pilgrim, a major shareholder in Sable Offshore Corp. (NYSE:SOC), purchased 982,645 shares at an average price of $15.04, increasing their ownership by nearly 10% to a total of 10,933,394 shares.
• Sable Offshore's stock recently dropped 10.4% to $11.75, significantly lower than its 52-week high of $35.00, reflecting a concerning trading volume surge of 7,565,883 shares.
• Analysts hold a mixed view on Sable Offshore, with a consensus rating of "Moderate Buy" and an average price target of $28.20, though Weiss Ratings has issued a "sell" recommendation.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) major shareholder Global Icav Pilgrim purchased 982,645 shares of the company's stock in a transaction that occurred on Wednesday, October 15th. The stock was bought at an average price of $15.04 per share, for a total transaction of $14,778,980.80. Following the transaction, the insider directly owned 10,933,394 shares in the company, valued at $164,438,245.76. This trade represents a 9.88% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

Sable Offshore Trading Down 10.4%

Shares of NYSE:SOC traded down $1.37 during trading on Friday, reaching $11.75. The company had a trading volume of 7,565,883 shares, compared to its average volume of 2,703,840. Sable Offshore Corp. has a fifty-two week low of $11.25 and a fifty-two week high of $35.00. The stock's fifty day moving average price is $23.29 and its 200 day moving average price is $23.88.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.44). Equities analysts anticipate that Sable Offshore Corp. will post -6.39 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SOC. Mayflower Financial Advisors LLC grew its stake in Sable Offshore by 36.2% in the 3rd quarter. Mayflower Financial Advisors LLC now owns 13,153 shares of the company's stock valued at $230,000 after acquiring an additional 3,496 shares during the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Sable Offshore during the 3rd quarter worth approximately $186,000. Luminus Management LLC raised its position in shares of Sable Offshore by 3.1% during the 3rd quarter. Luminus Management LLC now owns 100,000 shares of the company's stock worth $1,746,000 after purchasing an additional 3,000 shares during the last quarter. Nomura Holdings Inc. acquired a new stake in Sable Offshore during the 2nd quarter valued at $401,000. Finally, Tower Research Capital LLC TRC increased its position in Sable Offshore by 65.1% during the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company's stock worth $165,000 after buying an additional 2,960 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on SOC shares. Weiss Ratings reiterated a "sell (d)" rating on shares of Sable Offshore in a research report on Wednesday, October 8th. Roth Capital reaffirmed a "buy" rating and set a $28.00 price target on shares of Sable Offshore in a research note on Wednesday. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $28.20.

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.

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