Sable Offshore, the Energy sector company, was revisited by a Wall Street analyst yesterday. Analyst Subash Chandra from Benchmark Co. maintained a Buy rating on the stock and has a $47.00 price target.
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Subash Chandra has given his Buy rating due to a combination of factors including the anticipated approval of OSFM, which is expected to occur in late August. This approval is crucial as it will allow Sable Offshore to proceed with its operations, despite potential challenges from pipeline opponents. The company has demonstrated preparedness for these challenges, which adds to the positive outlook.
Additionally, Sable Offshore has significantly increased its oil-in-storage, indicating strong well performance in the second quarter. Despite heavy capital expenditure, the company’s financial position remains robust with a substantial cash reserve bolstered by a recent equity offering. These factors collectively support the Buy rating, reflecting confidence in the company’s near-term operational and financial prospects.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $40.00 price target.
SOC’s price has also changed moderately for the past six months – from $24.470 to $28.480, which is a 16.39% increase.