Sable Offshore (NYSE:SOC) Posts Earnings Results, Misses Expectations By $0.79 EPS

Sable Offshore (NYSE:SOC) announced its quarterly earnings results on Monday, August 10th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79), FiscalAI reports. The firm had revenue of $137.13 million for the quarter, compared to analysts’ expectations of $237.65 million.

Sable Offshore Price Performance

NYSE SOC opened at $3.38 on Wednesday. The business’s fifty day moving average is $4.56 and its 200 day moving average is $9.37. Sable Offshore has a fifty-two week low of $2.88 and a fifty-two week high of $20.74. 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 company has a market capitalization of $649.48 million, a PE ratio of -1.03 and a beta of -0.16.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Benchmark restated a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Stifel Nicolaus assumed coverage on shares of Sable Offshore in a research note on Thursday, September 10th. They set a “buy” rating and a $8.00 target price for the company. Roth Capital reissued a “buy” rating and set a $11.00 price target on shares of Sable Offshore in a report on Tuesday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, July 21st. Finally, Zacks Research cut Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.00.

About Sable Offshore

Sable Offshore Corp. is an independent energy company focused on the development and production of oil and natural gas from offshore assets in the United States. Its principal operations are centered on the Santa Ynez Unit (SYU), located in federal waters off the coast of California.

The company’s Santa Ynez assets include offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon onshore processing and storage facility. Sable is working to restore and restart production from the system, which has been inactive since a pipeline incident led to the suspension of operations in 2015.

Sable acquired the Santa Ynez assets from ExxonMobil and became a publicly traded company through a business combination with Flame Acquisition Corp.