Sable Offshore’s Strategic Progress and Production Resumption Plans Support Buy Rating

David Deckelbaum, an analyst from TD Cowen, maintained the Buy rating on Sable Offshore (SOC – Research Report). The associated price target remains the same with $31.00.

David Deckelbaum’s rating is based on Sable Offshore’s strategic adjustments and progress towards resuming production. The company has filed its 10-K and updated its investor presentation, reflecting a confirmed timeline extension for restarting operations. Sable Offshore has begun hydrotesting pipelines, with some repairs still pending, and aims to resume production by the second quarter of 2025.
Despite the delay, the company has effectively navigated several challenges and anticipates completing the remaining pipeline work without significant disruptions. The updated guidance suggests a production ramp-up in the latter half of 2025, with expenditures remaining manageable despite the increased costs due to the delay. Sable Offshore’s management remains committed to significantly boosting production over the next few years, which supports the Buy rating.

According to TipRanks, Deckelbaum is an analyst with an average return of -3.1% and a 36.52% success rate. Deckelbaum covers the Energy sector, focusing on stocks such as Diamondback, Conocophillips, and Devon Energy.