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Pilgrim Global ICAV and Pilgrim Global Advisors LLC, both identified as ten percent owners of Sable Offshore Corp (NASDAQ:SOC), reported purchasing a total of 982,645 shares of common stock on October 15, 2025. The purchases, transacted at weighted average prices, resulted in a total investment of $14,777,318. The stock, currently trading at $11.81, has declined significantly from these purchase prices, though InvestingPro analysis suggests the shares are undervalued and in oversold territory.
The shares were bought in two separate transactions. The first involved 563,886 shares, purchased at a weighted average price of $14.74, with individual prices ranging from $14.18 to $15.18. The second transaction included 418,759 shares, acquired at a weighted average price of $15.44, in a range from $15.19 to $15.82. Following these transactions, Pilgrim Global ICAV and Pilgrim Global Advisors LLC, directly own 10,933,394 shares of Sable Offshore Corp. With the stock now trading near its 52-week low of $11.25, investors can access additional insights and 13 more exclusive ProTips through InvestingPro.
In other recent news, Sable Offshore Corp. has been involved in several significant developments. The company announced an update to its Development and Production Plan for the Santa Ynez Unit, which includes offshore processing, storage, and offloading of crude oil. This revised plan has been submitted to the U.S. Department of the Interior’s Bureau of Ocean Energy Management. In a separate matter, Sable Offshore is seeking over $347 million in damages from the California Coastal Commission, alleging delays in restarting its Las Flores Pipeline System due to a cease and desist order. Despite these legal challenges, the company reported that oil and gas production from the Santa Ynez Unit remains unaffected. Additionally, Benchmark has reiterated its Buy rating on Sable Offshore, maintaining a $47.00 price target, following the company’s presentation of its "Plan B" involving an offshore storage and treating vessel. This comes as Sable awaits approval for its restart plan from the Office of the State Fire Marshal. The Santa Barbara Superior Court’s tentative ruling against Sable’s claims against the California Coastal Commission is another legal hurdle, though it reportedly does not impact petroleum transportation.
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