Sable Offshore (NYSE:SOC) Issues Earnings Results

Sable Offshore (NYSE:SOC) issued its quarterly earnings data on Friday. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.58) by $0.19, Zacks reports.

Sable Offshore Trading Up 4.2%

Shares of SOC stock traded up $0.34 during trading hours on Friday, reaching $8.25. 6,264,521 shares of the stock were exchanged, compared to its average volume of 6,625,213. The firm has a market capitalization of $1.20 billion, a price-to-earnings 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’s 50-day moving average price is $9.47 and its 200-day moving average price is $13.39.

Analysts Set New Price Targets

SOC has been the topic of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research report on Tuesday, January 27th. Roth Mkm restated a “buy” rating on shares of Sable Offshore in a report on Wednesday, December 24th. TD Cowen restated a “buy” rating on shares of Sable Offshore in a research report on Thursday, December 18th. Benchmark reiterated a “buy” rating on shares of Sable Offshore in a research report on Thursday, January 8th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Sable Offshore in a research note on Monday, December 29th. Four research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Sable Offshore currently has an average rating of “Hold” and an average target price of $17.00.

Institutional Trading of Sable Offshore

Institutional investors have recently added to or reduced their stakes in the company. Polymer Capital Management US LLC bought a new position in shares of Sable Offshore during the third quarter valued at approximately $221,000. Los Angeles Capital Management LLC purchased a new position in Sable Offshore during the 4th quarter valued at $179,000. Corient Private Wealth LLC bought a new position in Sable Offshore in the 4th quarter valued at $175,000. Tower Research Capital LLC TRC grew its position in Sable Offshore by 65.1% in the 2nd 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 last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in Sable Offshore in the fourth quarter worth $164,000. Institutional investors own 26.19% of the company’s stock.

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.