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Pilgrim Global ICAV, a ten percent owner of Sable Offshore Corp (NASDAQ:SOC), has sold 167,175 shares of common stock at a price of $21.98 on July 18, 2025, according to a Form 4 filing with the Securities and Exchange Commission. The total value of the transaction amounted to $3,674,506. The stock, currently trading at $30.18, has shown remarkable strength with a 36.75% gain in the past week and an 83.35% return over the last year. According to InvestingPro data, analyst price targets range from $34 to $47, suggesting potential upside from current levels.
Following the transaction, Pilgrim Global ICAV directly owns 9,933,394 shares of Sable Offshore Corp. The company, with a market capitalization of $2.99 billion, maintains a healthy liquidity position with a current ratio of 1.67. InvestingPro analysis reveals 12 additional key insights about SOC’s financial health and market position.
In other recent news, Sable Offshore Corp. announced the outcomes of its 2025 Annual Meeting of Stockholders, where Michael Dillard was re-elected as a Class I director with a significant majority of votes. The company also received a partial court win regarding the Las Flores Pipelines, allowing it to proceed with obtaining necessary approvals and permits for restarting operations. However, a separate court injunction was granted to the California Coastal Commission, which halts pipeline repair and maintenance activities in Santa Barbara County due to permit issues, potentially delaying projects. Despite these legal challenges, Benchmark maintains a Buy rating on Sable Offshore, with a price target of $47, expressing confidence that the injunction will not significantly impact the company’s production timeline. TD Cowen also reaffirmed its Buy rating with a $40 price target, following Sable Offshore’s successful hydrotest, a key step towards restoring onshore pipelines. This compliance with the California Office of the Fire Marshal’s consent decree is crucial for the company to resume operations and generate revenue by the third quarter of 2025. Sable Offshore plans to fill storage tanks with 540,000 barrels of crude oil before starting transportation through the pipelines. These developments highlight the company’s ongoing efforts to navigate regulatory hurdles and resume its operations.
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