Sable Offshore (SOC – Research Report), the Financial 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 $37.00 price target.
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Subash Chandra has given his Buy rating due to a combination of factors that highlight Sable Offshore’s strong position in the ongoing regulatory challenges. Despite facing accusations from the California Coastal Commission (CCC) regarding permit violations, Sable Offshore has presented a compelling defense. The company argues that their activities were fully permitted by local authorities, specifically Santa Barbara, which had initially opposed but later agreed that the work did not require additional permits.
Moreover, Sable Offshore points out that similar maintenance activities were previously conducted by other operators without CCC objections, and that all current work is within the operational corridor as per original permits. The CCC’s lack of support from Santa Barbara in pursuing violations further strengthens Sable Offshore’s stance. Chandra believes that the resolution of these regulatory issues, possibly through a lawsuit settlement, will clear the path for Sable Offshore, making the stock an attractive buy.
In another report released on March 27, Roth MKM also initiated coverage with a Buy rating on the stock with a $30.00 price target.