Sable Offshore (SOC)
NYSE:SOC
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Sable Offshore
(NYSE:SOC)
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Rating:48Neutral
Price Target:
$13.00
▼(-0.84% Downside)
Action:ReiteratedDate:04/20/26
The score is held down primarily by very weak financial performance (no revenue, large losses, and worsening cash burn). Technicals are mixed with limited momentum and near-oversold signals, while valuation is not supportive due to negative earnings. Positive corporate events around restarting pipeline operations and ramping production provide a meaningful but secondary offset.
Positive Factors
Operational restart and production ramp
Restoring pipeline flow and bringing multiple platforms back online materially increases the company's ability to generate sustained hydrocarbon output. A phased production ramp, backed by targeted capex, creates a durable revenue-generation pathway and higher asset utilization once operations remain stable.
Negative Factors
Zero reported revenue and large operating losses
A historical absence of reported revenue and persistent multi-hundred‑million dollar operating losses undermine durable earnings visibility. Until material, sustainable cash-generating production is proven, the core business model lacks demonstrated ability to profitably monetize assets over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Operational restart and production ramp
Restoring pipeline flow and bringing multiple platforms back online materially increases the company's ability to generate sustained hydrocarbon output. A phased production ramp, backed by targeted capex, creates a durable revenue-generation pathway and higher asset utilization once operations remain stable.
Read all positive factors
Sable Offshore (SOC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.11B
Dividend YieldN/A
Average Volume (3M)5.98M
Price to Earnings (P/E)―
Beta (1Y)0.20
Revenue GrowthN/A
EPS Growth58.56%
CountryUS
Employees161
SectorEnergy
Sector Strength52
IndustryOil & Gas Drilling
Share Statistics
EPS (TTM)-0.64
Shares Outstanding147,244,080
10 Day Avg. Volume4,277,542
30 Day Avg. Volume5,975,207
Financial Highlights & Ratios
PEG Ratio53.15
Price to Book (P/B)1.66K
Price to Sales (P/S)0.00
P/FCF Ratio-1.15K
Enterprise Value/Market Cap0.61
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-88.87
Enterprise Value/Ebitda-4.34
Forecast
1Y Price Target
$22.67Price Target Upside72.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.45
Revenue Forecast (FY)$865.96M
Sable Offshore Business Overview & Revenue Model
Company Description
Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. It operates through three platforms located offshore California and an onshore processing facility comprised of 16 federal leases across a...
How the Company Makes Money
null...
Sable Offshore Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
38
Negative
Cash Flow
12
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -14.51M | -13.43M | -21.02M | 0.00 | 0.00 |
| EBITDA | -297.36M | -548.37M | -72.66M | -6.15M | -1.68M |
| Net Income | -410.16M | -629.07M | -93.67M | -2.59M | 4.27M |
Balance Sheet | |||||
| Total Assets | 1.74B | 1.58B | 711.58M | 290.91M | 288.44M |
| Cash, Cash Equivalents and Short-Term Investments | 97.68M | 300.38M | 0.00 | 100.26K | 322.77K |
| Total Debt | 0.00 | 851.45M | 14.18M | 1.78M | 956.12K |
| Total Liabilities | 1.21B | 1.20B | 372.56M | 18.89M | 13.88M |
| Stockholders Equity | 534.30M | 384.19M | 339.02M | 272.02M | 274.56M |
Cash Flow | |||||
| Free Cash Flow | -769.33M | -259.38M | -3.84M | -1.71M | -2.01M |
| Operating Cash Flow | -351.70M | -187.08M | -3.84M | -1.71M | -2.01M |
| Investing Cash Flow | -417.62M | -276.25M | 231.58M | 786.92K | -287.50M |
| Financing Cash Flow | 531.24M | 745.76M | -227.56M | 705.00K | 289.82M |
Sable Offshore Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $1.86B | 23.49 | 4.41% | 5.99% | 1.01% | -43.28% | |
66 Neutral | $4.64B | -41.73 | -3.67% | 5.42% | -9.41% | 88.02% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $7.55B | -1.36 | -32.62% | ― | 12.51% | -435.32% | |
58 Neutral | $4.03B | -7.33 | -11.45% | 3.24% | 48.21% | -205.00% | |
56 Neutral | $3.09B | -54.06 | -2.68% | ― | 3.75% | -119.04% | |
48 Neutral | $2.11B | -2,159.10 | -101.98% | ― | ― | 58.56% |
* Energy Sector Average
SOC
Sable Offshore
14.35
-5.43
-27.45%
HP
Helmerich & Payne
40.43
21.82
117.19%
PTEN
Patterson-UTI
11.99
6.69
126.06%
RIG
Transocean
6.84
4.54
197.39%
BORR
Borr Drilling
6.03
4.40
269.94%
SDRL
Seadrill Limited
49.69
27.22
121.14%
Sable Offshore Corporate Events
Business Operations and StrategyLegal ProceedingsPrivate Placements and Financing
Sable Offshore Resumes Key Pipeline Operations, Outlines Financing
Positive
Apr 20, 2026
On April 20, 2026, Sable Offshore Corp. reported that oil transportation through key segments of the Santa Ynez Pipeline System had resumed under its integrity management program, with 40 wells on Platforms Harmony and Heritage producing about 750...
Business Operations and StrategyRegulatory Filings and Compliance
Sable Offshore Resumes Santa Ynez Oil Sales, Ramping Output
Positive
Mar 30, 2026
On March 29, 2026, Sable Offshore Corp. resumed oil sales from its Santa Ynez Unit via the Santa Ynez Pipeline System, which was filled from Las Flores Canyon to Pentland Station at rates above 50,000 barrels of oil per day. The company reported t...
Business Operations and StrategyLegal ProceedingsPrivate Placements and Financing
Sable Offshore Restarts Santa Ynez Oil Pipeline Operations
Positive
Mar 16, 2026
On March 14, 2026, Sable Offshore resumed transportation of oil from the Santa Ynez Unit through the Santa Ynez Pipeline System from Las Flores Canyon to Pentland Station under an order from U.S. Secretary of Energy Chris Wright, following a March...
Business Operations and StrategyLegal ProceedingsPrivate Placements and FinancingRegulatory Filings and Compliance
Sable Offshore Announces Major At-the-Market Equity Program
Neutral
Feb 3, 2026
On February 2, 2026, Sable Offshore Corp. entered into a $250 million at-the-market equity sales agreement with TD Securities (USA) LLC and Jefferies LLC, allowing the company, at its discretion, to issue common stock over time under an existing s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.