Sable Offshore (NYSE:SOC) Releases Quarterly Earnings Results

Sable Offshore (NYSE:SOC) announced its quarterly earnings results on Wednesday. The company reported ($1.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.52) by ($0.85), FiscalAI reports. The business had revenue of $1.27 million for the quarter, compared to the consensus estimate of $16.10 million.

Sable Offshore Stock Performance

Sable Offshore stock traded down $0.07 during trading on Friday, reaching $12.77. The company had a trading volume of 2,184,357 shares, compared to its average volume of 6,073,668. Sable Offshore has a 12-month low of $3.72 and a 12-month high of $35.00. The stock’s 50 day moving average price is $14.23 and its two-hundred day moving average price is $10.39. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of -2.99 and a beta of -0.22.

Insider Activity at Sable Offshore

In related news, COO James Caldwell Flores sold 39,311 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the sale, the chief operating officer directly owned 562,740 shares in the company, valued at approximately $7,630,754.40. The trade was a 6.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Anthony Duenner sold 39,312 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $13.56, for a total transaction of $533,070.72. Following the completion of the sale, the insider owned 590,864 shares of the company’s stock, valued at approximately $8,012,115.84. The trade was a 6.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 1,077,406 shares of company stock worth $17,202,083. 36.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sable Offshore

Institutional investors have recently bought and sold shares of the business. Aster Capital Management DIFC Ltd grew its stake in Sable Offshore by 263.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company’s stock worth $47,000 after buying an additional 3,790 shares during the period. NewEdge Advisors LLC grew its stake in Sable Offshore by 36.2% during the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company’s stock worth $62,000 after buying an additional 650 shares during the period. Williams Jones Wealth Management LLC. purchased a new stake in Sable Offshore during the fourth quarter worth approximately $90,000. Kestra Advisory Services LLC purchased a new stake in Sable Offshore during the fourth quarter worth approximately $97,000. Finally, Guggenheim Capital LLC purchased a new stake in Sable Offshore during the fourth quarter worth approximately $102,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SOC has been the subject of a number of analyst reports. Jefferies Financial Group cut their price objective on shares of Sable Offshore from $30.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, April 22nd. Benchmark reissued a “hold” rating on shares of Sable Offshore in a research report on Thursday, March 5th. Wall Street Zen raised shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 25th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research report on Friday, April 24th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $18.00.

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.