Sable Offshore (NYSE:SOC) Posts Quarterly Earnings Results

Sable Offshore (NYSE:SOC) posted its quarterly earnings results on Monday. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.32), Zacks reports. The firm had revenue of $137.13 million during the quarter, compared to analyst estimates of $237.65 million.

Sable Offshore Trading Up 6.7%

NYSE SOC opened at $5.07 on Tuesday. The stock has a market cap of $782.61 million, a P/E ratio of -1.19 and a beta of -0.15. Sable Offshore has a 12-month low of $2.88 and a 12-month high of $29.86. The company has a fifty day simple moving average of $6.85 and a two-hundred day simple moving average of $10.73.

Wall Street Analysts Forecast Growth

SOC has been the topic of several recent research reports. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Zacks Research downgraded shares of Sable Offshore from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 3rd. Wall Street Zen lowered shares of Sable Offshore from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Roth Capital decreased their target price on shares of Sable Offshore from $22.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, July 1st. Finally, Jefferies Financial Group lowered their target price on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a research note on Monday, July 6th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.33.

Institutional Trading of Sable Offshore

Large investors have recently made changes to their positions in the business. Alyeska Investment Group L.P. grew its position in shares of Sable Offshore by 1,504.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after acquiring an additional 10,400,275 shares during the period. FourWorld Capital Management LLC acquired a new stake in Sable Offshore in the fourth quarter valued at approximately $73,113,000. State Street Corp increased its position in shares of Sable Offshore by 20.4% in the fourth quarter. State Street Corp now owns 3,775,884 shares of the company’s stock valued at $34,058,000 after buying an additional 639,677 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Sable Offshore by 28.6% in the fourth quarter. Geode Capital Management LLC now owns 2,294,121 shares of the company’s stock valued at $20,699,000 after buying an additional 510,188 shares in the last quarter. Finally, Whitefort Capital Management LP acquired a new position in shares of Sable Offshore during the 4th quarter worth approximately $17,235,000. 26.19% of the stock is owned by hedge funds and other 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.