Sable Offshore (NYSE:SOC) Announces Quarterly Earnings Results

Sable Offshore (NYSE:SOC) posted 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.

Sable Offshore Stock Down 0.3%

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

Analysts Set New Price Targets

A number of research analysts have recently commented on SOC shares. Zacks Research raised Sable Offshore from a “strong sell” rating to a “hold” rating in a report on Thursday, October 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Sable Offshore in a report on Monday, October 19th. Roth Capital reduced their target price on Sable Offshore from $11.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, September 30th. Stifel Nicolaus initiated coverage on Sable Offshore in a research report on Thursday, September 10th. They set a “buy” rating and a $8.00 target price for the company. Finally, JPMorgan Chase & Co. began coverage on Sable Offshore in a research report on Friday, October 2nd. They set an “overweight” rating and a $10.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Sable Offshore has a consensus 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.