Sable Offshore (NYSE:SOC) Releases Quarterly Earnings Results, Misses Expectations By $0.79 EPS

Sable Offshore (NYSE:SOC) released its quarterly earnings data on Monday. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79), FiscalAI reports. The company had revenue of $137.13 million during the quarter, compared to analysts’ expectations of $237.65 million.

Sable Offshore Trading Up 6.7%

Sable Offshore stock traded up $0.32 during mid-day trading on Monday, hitting $5.07. 6,447,452 shares of the company’s stock were exchanged, compared to its average volume of 7,403,709. Sable Offshore has a 1-year low of $2.88 and a 1-year high of $29.86. The stock has a 50 day moving average of $7.01 and a two-hundred day moving average of $10.77. The stock has a market cap of $782.61 million, a P/E ratio of -1.19 and a beta of -0.15.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Finally, Roth Capital cut their price objective on shares of Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Sable Offshore currently has an average rating of “Hold” and an average price target of $15.33.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Aster Capital Management DIFC Ltd raised its stake in shares of Sable Offshore by 263.2% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock valued at $47,000 after acquiring an additional 3,790 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after purchasing an additional 650 shares during the period. Williams Jones Wealth Management LLC. bought a new position in shares of Sable Offshore in the fourth quarter worth about $90,000. Kestra Advisory Services LLC acquired a new position in shares of Sable Offshore during the 4th quarter worth about $97,000. Finally, Guggenheim Capital LLC acquired a new position in shares of Sable Offshore during the 4th quarter worth about $102,000. Institutional investors and hedge funds own 26.19% of the company’s stock.

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.