Sable Offshore (SOC) Expected to Announce Earnings on Thursday

Sable Offshore (NYSE:SOC) is anticipated to post its results before the market opens on Thursday, February 12th. Analysts expect Sable Offshore to post earnings of ($0.58) per share for the quarter.

Sable Offshore (NYSE:SOC) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.90) by ($0.21). On average, analysts expect Sable Offshore to post $-6 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Sable Offshore Stock Up 7.1%

Shares of SOC opened at $8.50 on Tuesday. Sable Offshore has a fifty-two week low of $3.72 and a fifty-two week high of $35.00. The company’s fifty day moving average is $8.68 and its two-hundred day moving average is $15.09. The firm has a market cap of $1.23 billion, a PE ratio of -2.61 and a beta of 0.40.

Analyst Upgrades and Downgrades

SOC has been the topic of a number of research analyst reports. TD Cowen reiterated 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 note on Wednesday, December 24th. Jefferies Financial Group reissued a “buy” rating on shares of Sable Offshore in a research note on Monday, December 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Finally, Benchmark reissued a “buy” rating on shares of Sable Offshore in a research report on Thursday, January 8th. Four research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $17.00.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its stake in shares of Sable Offshore by 329.8% during the second quarter. Bank of America Corp DE now owns 1,124,427 shares of the company’s stock valued at $24,715,000 after acquiring an additional 862,810 shares in the last quarter. Geode Capital Management LLC grew its stake in Sable Offshore by 28.6% during the 4th quarter. Geode Capital Management LLC now owns 2,294,121 shares of the company’s stock valued at $20,699,000 after purchasing an additional 510,188 shares in the last quarter. State Street Corp increased its holdings in Sable Offshore by 16.1% during the 2nd quarter. State Street Corp now owns 3,035,292 shares of the company’s stock worth $66,716,000 after purchasing an additional 420,433 shares during the last quarter. Merewether Investment Management LP acquired a new position in shares of Sable Offshore in the 2nd quarter valued at approximately $8,792,000. Finally, Brevan Howard Capital Management LP purchased a new position in shares of Sable Offshore during the 2nd quarter valued at approximately $3,166,000. 26.19% of the stock is owned by hedge funds and other institutional investors.

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.