Sable Offshore (NYSE:SOC) Shares Gap Down Following Insider Selling

Sable Offshore Corp. (NYSE:SOC - Get Free Report) shares gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $20.16, but opened at $19.50. Sable Offshore shares last traded at $19.17, with a volume of 192,768 shares traded.

Specifically, major shareholder Global Icav Pilgrim sold 143,806 shares of the company's stock in a transaction on Thursday, April 17th. The shares were sold at an average price of $25.37, for a total value of $3,648,358.22. Following the completion of the transaction, the insider now owns 10,100,569 shares in the company, valued at $256,251,435.53. This represents a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

Several research analysts have commented on SOC shares. Roth Capital set a $30.00 price target on Sable Offshore in a research report on Thursday, March 27th. BWS Financial restated a "sell" rating and issued a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, March 18th. Benchmark restated a "buy" rating on shares of Sable Offshore in a research note on Tuesday, March 18th. Finally, Roth Mkm began coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Sable Offshore has a consensus rating of "Moderate Buy" and a consensus price target of $27.50.

Sable Offshore Price Performance

The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50. The business has a 50-day moving average of $23.41 and a 200 day moving average of $23.17.

Institutional Investors Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. grew its stake in Sable Offshore by 2.7% in the 4th quarter. Invesco Ltd. now owns 26,030 shares of the company's stock worth $596,000 after acquiring an additional 679 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Sable Offshore by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,720 shares of the company's stock valued at $658,000 after buying an additional 1,000 shares in the last quarter. MetLife Investment Management LLC grew its stake in Sable Offshore by 5.5% during the fourth quarter. MetLife Investment Management LLC now owns 31,240 shares of the company's stock worth $715,000 after buying an additional 1,634 shares during the period. Salem Investment Counselors Inc. grew its stake in Sable Offshore by 81.8% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company's stock worth $114,000 after buying an additional 2,250 shares during the period. Finally, Summit Securities Group LLC acquired a new stake in shares of Sable Offshore in the fourth quarter worth $53,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

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.