Sable Offshore (NYSE:SOC) Posts Earnings Results, Misses Expectations By $1.21 EPS

Sable Offshore (NYSE:SOC) issued its earnings results on Monday. The company reported ($1.37) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($1.21), FiscalAI reports. The business had revenue of $154.37 million during the quarter, compared to the consensus estimate of $157.47 million.

Here are the key takeaways from Sable Offshore’s conference call:

• In its second full quarter of oil sales, Sable reported a nearly 30% quarter-over-quarter increase in volume sold and 13% revenue growth. Management said Harmony and Heritage wells continue to perform strongly, with PERF-ADD operations adding an average of more than 700 barrels per day per operation.
• A downstream purchasing disruption left Sable with a significant October sales shortfall. The company is negotiating a bulk sale of up to 1.3 million barrels, but had not finalized the transaction; management said proceeds and timing will depend on price and buyer terms.
• Sable estimated fourth-quarter cash spending of $165 million to $175 million, including debt payments, against about $38 million of cash on hand. Management expects November sales and a potential bulk sale to address the gap, with a $100 million unsecured borrowing basket and a possible PIPE as additional options.
• Management said all four Los Angeles-area refineries are now taking Sable crude, broadening its customer base after the disruption. Hondo’s safety inspection and restart were scheduled for November, with the company targeting production from its 15 wells in December; regulatory approval remains a key dependency.
• Management argued that stable pressures and low gas production could support higher long-term oil recovery, potentially raising its internal recovery estimate from 15% to 30%. These are management’s projections, and the company said a fuller audited reserve picture may take until the end of next year.

Sable Offshore Price Performance

Shares of SOC stock opened at $0.89 on Tuesday. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.18 and a current ratio of 0.24. Sable Offshore has a fifty-two week low of $0.51 and a fifty-two week high of $19.25. The stock’s 50-day simple moving average is $3.66 and its 200-day simple moving average is $8.53. The firm has a market capitalization of $170.00 million, a price-to-earnings ratio of -0.27 and a beta of -0.09.

Analyst Upgrades and Downgrades

Several analysts have commented on SOC shares. Stifel Nicolaus initiated coverage on shares of Sable Offshore in a report on Thursday, September 10th. They set a “buy” rating and a $8.00 target price on the stock. JPMorgan Chase & Co. started coverage on Sable Offshore in a report on Friday, October 2nd. They issued an “overweight” rating and a $10.00 target price on the stock. Roth Capital reduced their target price on shares of Sable Offshore from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. William Blair began coverage on shares of Sable Offshore in a research note on Monday, October 5th. They issued an “outperform” rating for the company. Finally, Zacks Research raised shares of Sable Offshore from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 15th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.40.

Sable Offshore News Roundup

Here are the key news stories impacting Sable Offshore this week:

• Positive Sentiment: Third-quarter revenue rose 13% to about $154.4 million, a sign of improved results before the recent sales disruption. However, revenue was slightly below analyst expectations. Article: Sable Offshore Q3 revenue arrives at $154.4 million
• Neutral Sentiment: Trading in SOC call options jumped above its recent average. This indicates increased speculative activity, but does not establish whether traders expect the shares to rise or fall. Article: Sable Offshore plunges after only crude customer stops purchases
• Negative Sentiment: The company disclosed substantial doubt about its ability to continue as a going concern over the next year, citing liquidity pressure and the risk that operating cash flow will not cover expenses and debt service. The warning raises the prospect of additional financing and potential dilution. Article: Sable Offshore warns of going-concern risk
• Negative Sentiment: Sable’s sole crude purchaser stopped buying in October, forcing production cuts and increasing inventory and working-capital pressure. The company has begun selling to three other Los Angeles-area refineries, but those outlets have not yet made up for the lost sales. Article: Sable Offshore sinks to record low after warning of going-concern risk
• Negative Sentiment: Quarterly results also disappointed: the reported loss was worse than analysts expected, while revenue came in below consensus. Together with the sales interruption, this reinforces concerns about SOC’s ability to fund operations and meet debt obligations. Article: Sable Offshore reports third-quarter 2026 results

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