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

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

Sable Offshore Stock Down 0.3%

Shares of SOC opened at $1.93 on Monday. Sable Offshore has a fifty-two week low of $1.77 and a fifty-two week high of $19.25. The company’s fifty day moving average is $3.73 and its two-hundred day moving average is $8.58. The firm has a market cap of $369.35 million, a PE ratio of -0.59 and a beta of -0.09. The company has a quick ratio of 0.18, a current ratio of 0.24 and a debt-to-equity ratio of 1.85.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Roth Capital dropped their target price on Sable Offshore from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. JPMorgan Chase & Co. began coverage on Sable Offshore in a research note on Friday, October 2nd. They issued an “overweight” rating and a $10.00 price target on the stock. William Blair began coverage on Sable Offshore in a research note on Monday, October 5th. They issued an “outperform” rating on the stock. Stifel Nicolaus began coverage on Sable Offshore in a report on Thursday, September 10th. They issued a “buy” rating and a $8.00 price target for the company. Finally, Zacks Research raised shares of Sable Offshore from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 15th. Six equities 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 company’s stock. According to MarketBeat, Sable Offshore presently has an average rating of “Moderate Buy” and a consensus target price of $11.40.

About Sable Offshore

Sable Offshore Corp. is an independent energy company focused on developing and operating oil and natural gas assets offshore California. Its principal asset is the Santa Ynez Unit, a mature offshore field in the Santa Barbara Channel that includes offshore production platforms, subsea infrastructure, pipelines and the Las Flores Canyon processing facility onshore.

The company’s operations are designed to produce and process crude oil, natural gas and associated hydrocarbons from the Santa Ynez Unit.