Sable Offshore (NYSE:SOC) Issues Quarterly Earnings Results, Misses Expectations By $0.85 EPS

Key Points

• Sable Offshore missed expectations — Q-quarter EPS was ($1.37) versus a consensus ($0.52), a shortfall of $0.85, and revenue plunged to $1.27 million versus analysts' $16.10 million estimate.
• Heavy insider selling — insiders sold 1,077,406 shares valued at about $17.2 million over the last quarter, though insiders still own 36.36% of the company.
• Shares traded down about 1.4% to $12.65 (market cap ~$1.86B); analysts are mixed with a consensus "Hold" rating and a $18.00 price target (3 Buy, 1 Hold, 2 Sell).

Sable Offshore (NYSE:SOC - Get Free Report) posted its earnings results on Wednesday. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.85), FiscalAI reports. The company had revenue of $1.27 million during the quarter, compared to analysts' expectations of $16.10 million.

Sable Offshore Stock Down 1.4%

SOC traded down $0.18 during trading on Friday, hitting $12.65. 1,203,034 shares of the stock were exchanged, compared to its average volume of 6,061,883. The firm has a market capitalization of $1.86 billion, a P/E ratio of -2.96 and a beta of -0.22. Sable Offshore has a 1-year low of $3.72 and a 1-year high of $35.00. The stock has a fifty day moving average price of $14.23 and a two-hundred day moving average price of $10.39.

Insiders Place Their Bets

In other news, COO James Caldwell Flores sold 279,081 shares of the business's stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89. Following the transaction, the chief operating officer owned 442,794 shares of the company's stock, valued at approximately $7,390,231.86. The trade was a 38.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Anthony Duenner sold 279,081 shares of the business's stock in a transaction that occurred on Tuesday, March 31st. The shares were sold at an average price of $16.69, for a total value of $4,657,861.89. Following the completion of the transaction, the insider directly owned 470,919 shares in the company, valued at approximately $7,859,638.11. The trade was a 37.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,077,406 shares of company stock valued at $17,202,083 over the last quarter. Company insiders own 36.36% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. NewEdge Advisors LLC increased its holdings in shares of Sable Offshore by 36.2% in the first quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after purchasing an additional 650 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Sable Offshore by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,991 shares of the company's stock valued at $761,000 after purchasing an additional 1,271 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Sable Offshore by 3.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 61,886 shares of the company's stock valued at $559,000 after purchasing an additional 1,856 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of 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 purchasing an additional 2,960 shares during the period. Finally, Aster Capital Management DIFC Ltd increased its holdings in shares of Sable Offshore by 263.2% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,230 shares of the company's stock valued at $47,000 after purchasing an additional 3,790 shares during the period. Institutional investors and hedge funds own 26.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SOC shares. Jefferies Financial Group decreased their target price on Sable Offshore from $30.00 to $24.00 and set a "buy" rating for the company in a research note on Wednesday, April 22nd. Wall Street Zen upgraded Sable Offshore from a "strong sell" rating to a "sell" rating in a research note on Saturday, April 25th. Weiss Ratings restated a "sell (d-)" rating on shares of Sable Offshore in a research note on Friday, April 24th. Finally, Benchmark restated a "hold" rating on shares of Sable Offshore in a research note on Thursday, March 5th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $18.00.

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.

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