Sable Offshore (NYSE:SOC) Announces Earnings Results, Beats Expectations By $0.19 EPS

Sable Offshore (NYSE:SOC) issued its earnings results on Friday. The company reported ($0.39) EPS for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.19, Zacks reports.

Sable Offshore Trading Up 4.2%

SOC traded up $0.34 during trading on Friday, hitting $8.25. The stock had a trading volume of 6,264,521 shares, compared to its average volume of 6,625,213. The firm has a market cap of $1.20 billion, a PE ratio of -2.53 and a beta of 0.41. Sable Offshore has a 12 month low of $3.72 and a 12 month high of $35.00. The company has a 50 day simple moving average of $9.47 and a 200-day simple moving average of $13.39.

Analysts Set New Price Targets

Several equities research analysts recently commented on SOC shares. Roth Mkm reissued a “buy” rating on shares of Sable Offshore in a research note on Wednesday, December 24th. TD Cowen reissued a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Benchmark reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Thursday, January 8th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Sable Offshore in a research note on Monday, December 29th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Four analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $17.00.

Hedge Funds Weigh In On Sable Offshore

Institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC boosted its stake in Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock valued at $62,000 after purchasing an additional 650 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Sable Offshore by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock worth $761,000 after buying an additional 1,271 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Sable Offshore by 3.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 61,886 shares of the company’s stock valued at $559,000 after acquiring an additional 1,856 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Sable Offshore by 65.1% in the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock worth $165,000 after acquiring an additional 2,960 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd grew its stake in shares of Sable Offshore by 263.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after acquiring an additional 3,790 shares during the last quarter. 26.19% of the stock is currently owned by 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.