Sable Offshore (NYSE:SOC) Announces Earnings Results

Sable Offshore (NYSE:SOC) announced its earnings results on Friday. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.58) by $0.19, Zacks reports.

Sable Offshore Price Performance

Shares of NYSE SOC traded up $0.34 during mid-day trading on Friday, reaching $8.25. The company’s stock had a trading volume of 6,264,521 shares, compared to its average volume of 6,625,213. The firm has a market capitalization of $1.20 billion, a PE ratio of -2.53 and a beta of 0.41. The stock has a fifty day moving average of $9.47 and a two-hundred day moving average of $13.39. Sable Offshore has a 52 week low of $3.72 and a 52 week high of $35.00.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Benchmark restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, January 8th. Jefferies Financial Group reissued a “buy” rating on shares of Sable Offshore in a research report on Monday, December 29th. TD Cowen reaffirmed a “buy” rating on shares of Sable Offshore in a report on Thursday, December 18th. Roth Mkm reiterated a “buy” rating on shares of Sable Offshore in a research report on Wednesday, December 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Sable Offshore has an average rating of “Hold” and an average price target of $17.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Polymer Capital Management US LLC purchased a new position in Sable Offshore during the third quarter valued at $221,000. Los Angeles Capital Management LLC bought a new position in shares of Sable Offshore during the 4th quarter valued at about $179,000. Corient Private Wealth LLC bought a new position in shares of Sable Offshore during the 4th quarter valued at about $175,000. Tower Research Capital LLC TRC grew its position in shares of Sable Offshore by 65.1% during the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock valued at $165,000 after purchasing an additional 2,960 shares in the last quarter. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Sable Offshore in the fourth quarter worth about $164,000. 26.19% of the stock is currently owned by institutional investors.

About Sable Offshore

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.