Sable Offshore (NYSE:SOC) Releases Earnings Results, Misses Estimates By $2.36 EPS

Sable Offshore (NYSE:SOC) released its quarterly earnings results on Tuesday. The company reported ($2.75) EPS for the quarter, missing the consensus estimate of ($0.39) by ($2.36), Zacks reports.

Sable Offshore Trading Up 2.4 %

NYSE SOC traded up $0.35 during trading hours on Wednesday, hitting $14.95. The company’s stock had a trading volume of 39,699 shares, compared to its average volume of 303,562. The stock has a fifty day moving average of $15.31. The company has a debt-to-equity ratio of 2.91, a current ratio of 2.80 and a quick ratio of 2.60. Sable Offshore has a twelve month low of $10.11 and a twelve month high of $17.30.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Benchmark reiterated a “buy” rating and issued a $24.00 price objective on shares of Sable Offshore in a research report on Wednesday, July 24th. Jefferies Financial Group assumed coverage on Sable Offshore in a report on Tuesday. They issued a “buy” rating and a $19.00 price target on the stock.

Insiders Place Their Bets

In related news, Director Gregory Phillip Pipkin sold 82,238 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $14.66, for a total value of $1,205,609.08. Following the completion of the sale, the director now owns 85,540 shares in the company, valued at $1,254,016.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Sable Offshore news, Director Gregory Phillip Pipkin sold 82,238 shares of the stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $14.66, for a total value of $1,205,609.08. Following the sale, the director now directly owns 85,540 shares in the company, valued at $1,254,016.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO James C. Flores bought 100,000 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was acquired at an average cost of $13.74 per share, with a total value of $1,374,000.00. Following the completion of the purchase, the chief executive officer now owns 2,625,000 shares of the company’s stock, valued at approximately $36,067,500. The disclosure for this purchase can be found here. Company insiders own 14.30% 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.