Analyst Lloyd Byrne from Jefferies maintained a Buy rating on Sable Offshore (SOC – Research Report) and keeping the price target at $38.00.
Lloyd Byrne has given his Buy rating due to a combination of factors influencing Sable Offshore’s prospects. The company has made significant progress in its efforts to restart operations, with a clear timeline set for the second quarter of 2025. Despite some delays in production guidance and increased capital expenditure expectations, the long-term production and resource outlook remains stable, which is a positive indicator for potential growth.
Additionally, Sable Offshore is actively working through regulatory hurdles, including obtaining necessary permits for repairs and managing legal disputes, which demonstrates their commitment to resuming operations. The financial position of the company, with a substantial cash balance and a managed debt structure, further supports the Buy rating as it indicates a capacity to handle upcoming expenditures and potential refinancing needs.
In another report released today, Benchmark Co. also maintained a Buy rating on the stock with a $37.00 price target.
SOC’s price has also changed slightly for the past six months – from $25.890 to $25.360, which is a -2.05% drop .