Benchmark Co. analyst Subash Chandra maintained a Buy rating on Sable Offshore (SOC – Research Report) yesterday and set a price target of $37.00.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Subash Chandra has given his Buy rating due to a combination of factors surrounding regulatory developments for Sable Offshore. Recently, Santa Barbara County confirmed that the repair work on Sable Offshore’s pipeline is fully authorized by existing permits, which negates claims made by pipeline opponents that the work was unpermitted. This confirmation is bolstered by the lack of objection from the Pipeline and Hazardous Materials Safety Administration regarding the State Waiver, further reducing opposition.
With the legal challenges to the pipeline’s operations seemingly resolved, the potential for further regulatory obstacles appears diminished. This regulatory clarity enhances the company’s operational stability and prospects, making the stock an attractive investment opportunity. The resolution of these legal uncertainties adds credibility to Sable Offshore’s position, potentially improving investor confidence and driving positive stock performance.
SOC’s price has also changed dramatically for the past six months – from $14.600 to $30.630, which is a 109.79% increase.