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

Sable Offshore Corp. (NYSE:SOC - Get Free Report)'s share price gapped down prior to trading on Monday after an insider sold shares in the company. 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.

Specifically, major shareholder Global Icav Pilgrim sold 143,806 shares of the 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 sale, the insider now directly owns 10,100,569 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. 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 objective for the company. BWS Financial reaffirmed a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a report on Tuesday, March 18th. Benchmark reissued a "buy" rating on shares of Sable Offshore in a report on Tuesday, March 18th. Finally, Roth Capital set a $30.00 price objective on Sable Offshore in a research note on Thursday, March 27th. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Sable Offshore has an average rating of "Moderate Buy" and an average price target of $27.50.

Sable Offshore Trading Up 0.9 %

The company has a current ratio of 3.50, a quick ratio of 3.34 and a debt-to-equity ratio of 4.86. The stock has a fifty day moving average price of $23.41 and a two-hundred day moving average price of $23.14.

Institutional Trading of Sable Offshore

Several hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. increased its holdings in shares of Sable Offshore by 2.7% during the fourth quarter. Invesco Ltd. now owns 26,030 shares of the company's stock valued at $596,000 after purchasing an additional 679 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Sable Offshore by 3.6% in the 4th 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 increased its stake in Sable Offshore by 5.5% during the 4th quarter. MetLife Investment Management LLC now owns 31,240 shares of the company's stock valued at $715,000 after buying an additional 1,634 shares during the period. Salem Investment Counselors Inc. raised its position in shares of 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 buying an additional 2,250 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new stake in shares of Sable Offshore in the 4th quarter worth approximately $53,000. Institutional investors own 26.19% of the company's stock.

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.