Sable Offshore (NYSE:SOC) Shares Gap Down Following Weak Earnings

Sable Offshore Corp. (NYSE:SOC) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $5.09, but opened at $4.75. Sable Offshore shares last traded at $4.5840, with a volume of 1,323,133 shares trading hands.

The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.32). The business had revenue of $137.13 million for the quarter, compared to analyst estimates of $237.65 million.

Analyst Ratings Changes

Several analysts have issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a report on Tuesday, July 21st. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research report on Wednesday, July 8th. Zacks Research downgraded Sable Offshore from a “hold” rating to a “strong sell” rating in a research note on Wednesday, June 3rd. Jefferies Financial Group reduced their target price on shares of Sable Offshore from $24.00 to $11.00 and set a “buy” rating for the company in a report on Monday, July 6th. Finally, Wall Street Zen cut shares of Sable Offshore from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Sable Offshore has a consensus rating of “Hold” and a consensus price target of $15.33.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. boosted its stake in Sable Offshore by 1,504.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock worth $100,048,000 after purchasing an additional 10,400,275 shares during the period. Capital International Investors increased its holdings in shares of Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after purchasing an additional 9,788,351 shares during the last quarter. FourWorld Capital Management LLC purchased a new stake in shares of Sable Offshore in the fourth quarter worth about $73,113,000. Encompass Capital Advisors LLC lifted its position in shares of Sable Offshore by 60.6% in the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock worth $121,673,000 after buying an additional 5,091,925 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Sable Offshore by 64.9% during the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after buying an additional 2,975,712 shares during the last quarter. 26.19% of the stock is owned by hedge funds and other institutional investors.

Sable Offshore Stock Down 10.3%

The company has a market capitalization of $704.65 million, a P/E ratio of -1.07 and a beta of -0.15. The business has a 50 day moving average of $6.85 and a 200 day moving average of $10.73.

Sable Offshore Company Profile

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.