Sable Offshore (NYSE:SOC) Posts Earnings Results

Sable Offshore (NYSE:SOC) announced its earnings results on Monday. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of $0.37 by ($0.79), FiscalAI reports. The firm had revenue of $137.13 million for the quarter, compared to the consensus estimate of $237.65 million.

Sable Offshore Stock Performance

Shares of Sable Offshore stock traded up $0.32 during trading on Monday, reaching $5.07. 6,471,928 shares of the company’s stock were exchanged, compared to its average volume of 7,403,988. Sable Offshore has a 1-year low of $2.88 and a 1-year high of $29.86. The company has a market cap of $782.61 million, a P/E ratio of -1.19 and a beta of -0.15. The firm’s 50-day moving average price is $7.01 and its 200 day moving average price is $10.77.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SOC shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Wall Street Zen cut Sable Offshore from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Jefferies Financial Group cut their target price on Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, July 6th. Roth Capital reduced their target price on Sable Offshore from $22.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, July 1st. Finally, Benchmark restated a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $15.33.

Institutional Trading of Sable Offshore

Several large investors have recently bought and sold shares of the business. NewEdge Advisors LLC boosted its position 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 in the last quarter. Aster Capital Management DIFC Ltd grew its holdings in shares of Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after purchasing an additional 3,790 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings 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 worth $165,000 after purchasing an additional 2,960 shares during the last quarter. Williams Jones Wealth Management LLC. acquired a new position in shares of Sable Offshore in the fourth quarter valued at approximately $90,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of Sable Offshore in the fourth quarter valued at approximately $97,000. 26.19% of the stock is owned by institutional investors and hedge funds.

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.