Sable Offshore (NYSE:SOC) Posts Quarterly Earnings Results, Misses Expectations By $2.36 EPS

Sable Offshore (NYSE:SOC) issued its quarterly earnings results on Tuesday. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36), Zacks reports.

Sable Offshore Price Performance

Shares of SOC stock traded up $0.35 during midday trading on Wednesday, reaching $14.95. 39,699 shares of the company traded hands, compared to its average volume of 303,562. The business’s 50 day moving average price is $15.31. The company has a current ratio of 2.80, a quick ratio of 2.60 and a debt-to-equity ratio of 2.91. Sable Offshore has a 1-year low of $10.11 and a 1-year high of $17.30.

Analyst Ratings Changes

A number of brokerages have weighed in on SOC. Jefferies Financial Group assumed coverage on Sable Offshore in a report on Tuesday. They issued a “buy” rating and a $19.00 price objective on the stock. Benchmark restated a “buy” rating and issued a $24.00 price target on shares of Sable Offshore in a research note on Wednesday, July 24th.

Insider Buying and Selling

In other news, CEO James C. Flores bought 100,000 shares of the stock in a transaction on Monday, May 20th. The shares were bought at an average price of $13.74 per share, with a total value of $1,374,000.00. Following the completion of the acquisition, the chief executive officer now owns 2,625,000 shares of the company’s stock, valued at $36,067,500. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Gregory Phillip Pipkin sold 82,238 shares of Sable Offshore stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $14.66, for a total transaction of $1,205,609.08. Following the completion of the transaction, the director now directly owns 85,540 shares in the company, valued at approximately $1,254,016.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James C. Flores bought 100,000 shares of Sable Offshore stock in a transaction that occurred on Monday, May 20th. The stock was bought at an average cost of $13.74 per share, for a total transaction of $1,374,000.00. Following the purchase, the chief executive officer now owns 2,625,000 shares in the company, valued at approximately $36,067,500. The disclosure for this purchase can be found here. Insiders own 14.30% of the company’s stock.

About Sable Offshore

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.