Mon Sep 23 22:28:51 UTC 2024: ## Major Shareholder Boosts Stake in Sable Offshore Corp.
**New York, NY** – Global Icav Pilgrim, a major shareholder in Sable Offshore Corp. (NYSE: SOC), has increased its stake in the company by acquiring 750,000 shares in a transaction on Thursday, September 19th. The shares were purchased at an average price of $20.00 per share, totaling $15,000,000.00.
Following this purchase, Global Icav Pilgrim now directly owns 8,791,001 shares in Sable Offshore, representing a stake worth $175,820,020. This transaction was disclosed in a document filed with the Securities & Exchange Commission.
Sable Offshore, a company engaged in oil and gas exploration and development activities in the United States, saw its stock price rise by $1.17 on Monday, closing at $23.37. The company’s stock has seen significant activity, with 2,105,926 shares exchanged, exceeding its average volume of 430,180.
Institutional investors have also shown interest in Sable Offshore. Amalgamated Bank, Zurcher Kantonalbank Zurich Cantonalbank, Spartan Fund Management Inc., Walleye Trading LLC, and The Manufacturers Life Insurance Company all acquired new positions in the stock during recent quarters. Currently, hedge funds and other institutional investors hold 26.19% of the company’s stock.
Several equities research analysts have recently issued reports on Sable Offshore. Jefferies Financial Group raised their price objective on the company from $19.00 to $32.00 and assigned a “buy” rating. Benchmark also reaffirmed a “buy” rating and set a $24.00 price target.
This recent increase in stake by Global Icav Pilgrim indicates a strong belief in the company’s future prospects. With continued positive analyst sentiment and growing institutional interest, Sable Offshore appears to be attracting considerable attention in the market.
First Piper 