Benchmark Co. analyst Subash Chandra has maintained their bullish stance on SOC stock, giving a Buy rating yesterday.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Subash Chandra has given his Buy rating due to a combination of factors related to Sable Offshore’s strategic initiatives and market positioning. The company has unveiled Plan B, which involves the use of an offshore storage and treating vessel, as they await approval for their initial restart plan. This alternative plan has been positively received due to its relatively low capital expenditure and operational costs, as well as its feasible timeline for implementation by the fourth quarter of 2026.
Additionally, Sable Offshore has taken proactive steps by requesting expedited approval from relevant federal departments and identifying suitable vessels for lease. The company’s strategic move to secure a vessel with substantial production and storage capacity demonstrates their commitment to advancing operations. Despite some uncertainties with Plan B, the market’s preference for the original plan and the federal government’s support provide a favorable outlook for Sable Offshore, justifying the Buy rating.
In another report released yesterday, Roth MKM also maintained a Buy rating on the stock with a $34.00 price target.
Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SOC in relation to earlier this year.