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

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

Sable Offshore Trading Down 1.2 %

Shares of NYSE SOC traded down $0.25 during trading hours on Friday, hitting $19.37. 397,722 shares of the company traded hands, compared to its average volume of 1,107,463. The company's 50 day moving average price is $23.64 and its 200 day moving average price is $23.15. Sable Offshore Corp. has a 12 month low of $10.26 and a 12 month high of $32.33. The company has a debt-to-equity ratio of 4.86, a quick ratio of 3.34 and a current ratio of 3.50.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Encompass Capital Advisors LLC boosted its stake in shares of Sable Offshore by 128.9% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,400,000 shares of the company's stock worth $32,060,000 after purchasing an additional 788,495 shares during the period. Vanguard Group Inc. boosted its position in shares of Sable Offshore by 23.6% during the fourth quarter. Vanguard Group Inc. now owns 3,486,126 shares of the company's stock valued at $79,832,000 after buying an additional 665,407 shares during the period. Emerald Advisers LLC bought a new position in shares of Sable Offshore during the fourth quarter valued at approximately $6,700,000. Harraden Circle Investments LLC purchased a new stake in shares of Sable Offshore in the fourth quarter worth approximately $5,038,000. Finally, Bridgewater Associates LP bought a new stake in shares of Sable Offshore during the 4th quarter worth approximately $4,693,000. Institutional investors own 26.19% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on SOC. Benchmark reissued a "buy" rating on shares of Sable Offshore in a research note on Tuesday, March 18th. Roth Capital set a $30.00 target price on Sable Offshore in a research report on Thursday, March 27th. BWS Financial restated a "sell" rating and issued a $6.00 price target on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Roth Mkm started coverage on shares of Sable Offshore in a research report on Thursday, March 27th. They set a "buy" rating and a $30.00 price objective for the company. 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 data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $27.50.

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.