Sable Offshore (NYSE:SOC) Releases Earnings Results, Misses Estimates By $0.44 EPS

Key Points

• Sable Offshore reported an earnings per share (EPS) of ($1.10), missing the consensus estimate of ($0.66) by ($0.44).
• Research analysts have mixed ratings on the stock, with a consensus price target of $30.33 and several firms rating it as a "buy."
• Major shareholder Global Icav Pilgrim sold 167,175 shares for approximately $3.67 million, decreasing their ownership by 1.66%.

Sable Offshore (NYSE:SOC - Get Free Report) released its earnings results on Tuesday. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.44), Zacks reports.

Sable Offshore Trading Up 0.1%

NYSE SOC traded up $0.03 on Tuesday, hitting $29.12. The company's stock had a trading volume of 1,667,695 shares, compared to its average volume of 2,136,227. Sable Offshore has a 1-year low of $14.13 and a 1-year high of $35.00. The company's 50-day moving average is $25.19 and its 200 day moving average is $24.85. The company has a current ratio of 1.67, a quick ratio of 1.57 and a debt-to-equity ratio of 3.04.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Benchmark lifted their target price on Sable Offshore from $37.00 to $47.00 and gave the company a "buy" rating in a report on Tuesday, May 20th. Roth Capital set a $37.00 target price on shares of Sable Offshore and gave the company a "buy" rating in a research note on Friday, May 23rd. Jefferies Financial Group restated a "buy" rating on shares of Sable Offshore in a report on Monday, May 26th. Finally, BWS Financial reiterated a "sell" rating and set a $6.00 target price on shares of Sable Offshore in a research note on Tuesday, May 13th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Sable Offshore has an average rating of "Moderate Buy" and a consensus price target of $30.33.

Insider Buying and Selling

In other news, major shareholder Global Icav Pilgrim sold 167,175 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $21.98, for a total transaction of $3,674,506.50. Following the completion of the sale, the insider directly owned 9,933,394 shares of the company's stock, valued at $218,336,000.12. The trade was a 1.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 36.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its holdings in shares of Sable Offshore by 29.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 32,546 shares of the company's stock valued at $715,000 after buying an additional 7,438 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 in the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Sable Offshore by 36.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,448 shares of the company's stock valued at $62,000 after buying an additional 650 shares in the last quarter. Hedge funds and other institutional investors own 26.19% of the company's stock.

About Sable Offshore

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.

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