377,092 Shares in Sable Offshore Corp. $SOC Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 377,092 Sable Offshore shares in the second quarter, worth approximately $1.16 million and representing about 0.24% of the company. Institutional investors and hedge funds collectively own 26.19% of SOC.
• Sable Offshore reported a quarterly loss of $0.42 per share, missing analyst expectations of $0.37 in earnings, while revenue of $137.13 million fell short of the $237.65 million estimate.
• SOC stock opened at $4.95, up 2%, but analysts maintain a consensus “Hold” rating with a $13.33 price target; ratings range from “Buy” to “Strong Sell.”

Bank of New York Mellon Corp purchased a new position in shares of Sable Offshore Corp. (NYSE:SOC - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 377,092 shares of the company's stock, valued at approximately $1,161,000. Bank of New York Mellon Corp owned approximately 0.24% of Sable Offshore as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. NewEdge Advisors LLC increased its holdings in Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after buying an additional 650 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Sable Offshore by 22.3% in the 1st quarter. Royal Bank of Canada now owns 4,917 shares of the company's stock valued at $82,000 after acquiring an additional 895 shares during the last quarter. KBC Group NV raised its position in shares of Sable Offshore by 48.7% during the 1st quarter. KBC Group NV now owns 3,132 shares of the company's stock worth $52,000 after acquiring an additional 1,026 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Sable Offshore by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company's stock worth $761,000 after acquiring an additional 1,271 shares in the last quarter. Finally, Fifth Third Bancorp purchased a new stake in Sable Offshore during the first quarter worth approximately $29,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Stock Up 2.0%

SOC stock opened at $4.95 on Thursday. The company has a market cap of $948.80 million, a price-to-earnings ratio of -1.50 and a beta of -0.16. The company has a fifty day moving average price of $4.51 and a 200 day moving average price of $10.03. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.24 and a quick ratio of 0.18. Sable Offshore Corp. has a 12 month low of $2.88 and a 12 month high of $24.96.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of $0.37 by ($0.79). The firm had revenue of $137.13 million for the quarter, compared to analyst estimates of $237.65 million. Sell-side analysts expect that Sable Offshore Corp. will post -2.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

SOC has been the topic of a number of research analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Sable Offshore in a report on Tuesday, July 21st. Jefferies Financial Group set a $9.00 target price on shares of Sable Offshore in a report on Wednesday, August 12th. Roth Capital reaffirmed a "buy" rating and issued a $11.00 target price on shares of Sable Offshore in a research report on Tuesday, August 11th. Benchmark reiterated a "hold" rating on shares of Sable Offshore in a research note on Wednesday, July 8th. Finally, Zacks Research cut shares of Sable Offshore from a "hold" rating to a "strong sell" rating in a research report on Wednesday, June 3rd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Sable Offshore has a consensus rating of "Hold" and a consensus price target of $13.33.

Sable Offshore Company Profile

Sable Offshore NYSE: SOC is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.

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