Sable Offshore (NYSE:SOC) Announces Earnings Results

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

Sable Offshore Stock Up 0.0%

Shares of NYSE SOC traded up $0.00 during trading hours on Wednesday, reaching $4.65. 706,166 shares of the stock traded hands, compared to its average volume of 7,411,571. Sable Offshore has a 52-week low of $2.88 and a 52-week high of $29.81. The company’s 50-day simple moving average is $6.67 and its two-hundred day simple moving average is $10.68. The company has a market capitalization of $718.08 million, a P/E ratio of -1.42 and a beta of -0.15.

Institutional Investors Weigh In On Sable Offshore

A number of large investors have recently made changes to their positions in SOC. NewEdge Advisors LLC grew its stake in 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Sable Offshore by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company’s stock valued at $761,000 after buying an additional 1,271 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Sable Offshore by 3.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 61,886 shares of the company’s stock worth $559,000 after buying an additional 1,856 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Sable Offshore by 65.1% in the 2nd 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 in the last quarter. Finally, Aster Capital Management DIFC Ltd lifted its position in Sable Offshore by 263.2% during 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 during the period. 26.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Roth Capital reaffirmed a “buy” rating and set a $11.00 price objective on shares of Sable Offshore in a report on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, July 21st. Wall Street Zen downgraded Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Finally, Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $14.00.

About Sable Offshore

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.