Sable Offshore (NYSE:SOC) Posts Quarterly Earnings Results, Misses Estimates By $0.21 EPS

Sable Offshore (NYSE:SOC) issued its quarterly earnings data on Thursday. The company reported ($1.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.21), Zacks reports.

Sable Offshore Trading Down 28.8%

SOC stock traded down $1.70 during mid-day trading on Friday, hitting $4.20. The stock had a trading volume of 13,981,004 shares, compared to its average volume of 8,535,582. The stock has a market capitalization of $417.43 million, a price-to-earnings ratio of -1.24 and a beta of 0.46. Sable Offshore has a 1-year low of $4.04 and a 1-year high of $35.00. The company has a fifty day moving average of $15.82 and a 200 day moving average of $22.41.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on SOC shares. Roth Capital reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Sable Offshore in a report on Tuesday. Jefferies Financial Group reduced their price target on shares of Sable Offshore from $38.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sable Offshore in a research note on Thursday, October 30th. Finally, Benchmark cut their target price on Sable Offshore from $47.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, November 4th. Five research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Sable Offshore currently has a consensus rating of “Hold” and a consensus target price of $19.60.

Insider Buying and Selling at Sable Offshore

In related news, major shareholder Global Icav Pilgrim acquired 982,645 shares of the stock in a transaction dated Wednesday, October 15th. The shares were acquired at an average price of $15.04 per share, with a total value of $14,778,980.80. Following the acquisition, the insider owned 10,933,394 shares in the company, valued at approximately $164,438,245.76. The trade was a 9.88% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 36.36% of the company’s stock.

Institutional Investors Weigh In On Sable Offshore

Several hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC raised its holdings in shares of Sable Offshore by 36.2% in the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after buying an additional 650 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Sable Offshore by 65.1% in the second quarter. Tower Research Capital LLC TRC now owns 7,504 shares of the company’s stock valued at $165,000 after acquiring an additional 2,960 shares during the period. IHT Wealth Management LLC acquired a new position in Sable Offshore during the second quarter worth $304,000. Interval Partners LP bought a new position in shares of Sable Offshore during the third quarter valued at $317,000. Finally, Gamco Investors INC. ET AL acquired a new stake in shares of Sable Offshore in the 2nd quarter valued at $347,000. 26.19% of the stock is owned by institutional investors.

Sable Offshore Company Profile

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.