Bank of New York Mellon Corp Lowers Stock Holdings in Sable Offshore Corp. (NYSE:SOC)

Bank of New York Mellon Corp decreased its holdings in shares of Sable Offshore Corp. (NYSE:SOC) by 0.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 135,617 shares of the company’s stock after selling 798 shares during the period. Bank of New York Mellon Corp’s holdings in Sable Offshore were worth $3,106,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SOC. IFP Advisors Inc acquired a new position in Sable Offshore during the 4th quarter worth approximately $81,000. ORG Wealth Partners LLC acquired a new position in Sable Offshore during the 4th quarter worth approximately $106,000. Salem Investment Counselors Inc. grew its holdings in shares of Sable Offshore by 81.8% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,000 shares of the company’s stock worth $114,000 after acquiring an additional 2,250 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Sable Offshore by 31.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,565 shares of the company’s stock worth $179,000 after acquiring an additional 1,830 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in shares of Sable Offshore in the 3rd quarter worth approximately $245,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Benchmark restated a “buy” rating on shares of Sable Offshore in a report on Tuesday. BWS Financial restated a “sell” rating and issued a $6.00 price target on shares of Sable Offshore in a report on Tuesday. Finally, Pickering Energy Partners began coverage on Sable Offshore in a report on Tuesday, December 17th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $26.25.

Sable Offshore Trading Up 1.1 %

Shares of Sable Offshore stock opened at $25.88 on Thursday. Sable Offshore Corp. has a fifty-two week low of $10.11 and a fifty-two week high of $32.33. The business’s fifty day moving average is $25.78 and its two-hundred day moving average is $23.51. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

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.