Analyst Subash Chandra from Benchmark Co. maintained a Buy rating on Sable Offshore (SOC – Research Report) and keeping the price target at $37.00.
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Subash Chandra has given his Buy rating due to a combination of factors related to Sable Offshore’s recent financial and operational developments. The company’s cash reserves have seen a modest increase, which positions them better to manage the expenses associated with restarting production. Additionally, the extension of the deadline to restart operations provides Sable Offshore with more time to address necessary repairs and regulatory challenges.
Furthermore, the company has adjusted its capital expenditure plans in response to the delay in production, which could lead to more efficient use of resources. These strategic adjustments, coupled with ongoing efforts to resolve pipeline issues, suggest a positive outlook for the company’s future performance, justifying the Buy rating.
Chandra covers the Energy sector, focusing on stocks such as Devon Energy, Kosmos Energy, and Amplify Energy. According to TipRanks, Chandra has an average return of 6.4% and a 42.91% success rate on recommended stocks.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $31.00 price target.
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