Sable Offshore (NYSE:SOC) Stock Falls 5.4% - Here's What Happened

Key Points

• Sable Offshore shares fell 5.4% to about $3.02, with trading volume down 86% from the stock’s average session volume.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $11.40, despite Roth Capital lowering its target to $10 and Zacks upgrading the stock to “Hold.”
• The company reported a significant quarterly earnings miss, posting a loss of $0.42 per share versus expectations for a $0.37 profit, while revenue of $137.13 million fell well short of the $237.65 million consensus estimate.

Sable Offshore Corp. (NYSE:SOC - Get Free Report) fell 5.4% during trading on Tuesday. The stock traded as low as $3.05 and last traded at $3.0190. 1,059,652 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 7,641,673 shares. The stock had previously closed at $3.19.

Analyst Ratings Changes

Several research firms have issued reports on SOC. Roth Capital decreased their price objective on shares of Sable Offshore from $11.00 to $10.00 and set a "buy" rating on the stock in a report on Wednesday, September 30th. JPMorgan Chase & Co. began coverage on shares of Sable Offshore in a research note on Friday, October 2nd. They set an "overweight" rating and a $10.00 target price for the company. Zacks Research raised shares of Sable Offshore from a "strong sell" rating to a "hold" rating in a research note on Thursday, October 15th. Benchmark restated a "hold" rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Finally, Jefferies Financial Group set a $9.00 price target on shares of Sable Offshore in a research note on Wednesday, August 12th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $11.40.

Sable Offshore Trading Down 5.3%

The company has a 50 day moving average of $4.24 and a 200 day moving average of $8.03. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24. The stock has a market capitalization of $579.64 million, a price-to-earnings ratio of -0.92 and a beta of -0.13.

Sable Offshore (NYSE:SOC - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.79). The business had revenue of $137.13 million for the quarter, compared to the consensus estimate of $237.65 million. On average, research analysts predict that Sable Offshore Corp. will post -2.20 EPS for the current fiscal year.

Hedge Funds Weigh In On Sable Offshore

A number of institutional investors and hedge funds have recently bought and sold shares of SOC. Bank of America Corp DE lifted its position in Sable Offshore by 224.7% during the first quarter. Bank of America Corp DE now owns 1,295,085 shares of the company's stock worth $21,395,000 after buying an additional 896,258 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Sable Offshore in the 2nd quarter valued at $1,161,000. IFP Advisors Inc grew its holdings in Sable Offshore by 15,098,500.0% in the 2nd quarter. IFP Advisors Inc now owns 150,986 shares of the company's stock valued at $465,000 after buying an additional 150,985 shares in the last quarter. Kore Advisors LP grew its holdings in Sable Offshore by 70.2% in the 1st quarter. Kore Advisors LP now owns 257,152 shares of the company's stock valued at $4,248,000 after buying an additional 106,107 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in shares of Sable Offshore in the 1st quarter worth $1,663,000. 26.19% of the stock is currently owned by institutional investors and hedge funds.

Sable Offshore Company Profile

Sable Offshore Corp. is an independent energy company focused on the development and operation of offshore oil and natural gas assets. Its principal operations are centered on the Santa Ynez Unit in the Santa Barbara Channel, including offshore production platforms, subsea infrastructure, and related onshore processing and transportation facilities.

The company's asset base includes the Hondo, Heritage, and Harmony offshore platforms, as well as the Las Flores Canyon processing facility and associated pipeline infrastructure in Santa Barbara County, California.

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