Sable Offshore (NYSE:SOC) Issues Quarterly Earnings Results, Misses Expectations By $2.36 EPS

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

Sable Offshore Trading Down 3.7 %

SOC traded down $0.57 during trading on Thursday, reaching $14.95. 312,424 shares of the company traded hands, compared to its average volume of 306,461. 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 12-month low of $10.11 and a 12-month high of $17.30. The business’s fifty day simple moving average is $15.32.

Analyst Ratings Changes

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

Insider Transactions at Sable Offshore

In other Sable Offshore news, Director Gregory Phillip Pipkin sold 82,238 shares of the business’s 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 owns 85,540 shares in the company, valued at approximately $1,254,016.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Gregory Phillip Pipkin sold 82,238 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $14.66, for a total transaction of $1,205,609.08. Following the completion of the transaction, the director now directly owns 85,540 shares in the company, valued at approximately $1,254,016.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James C. Flores purchased 100,000 shares of Sable Offshore stock in a transaction that occurred on Monday, May 20th. The stock was acquired at an average price of $13.74 per share, for a total transaction of $1,374,000.00. Following the transaction, the chief executive officer now directly 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. Insiders own 14.30% of the company’s stock.

Sable Offshore Company Profile

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.