Roth expects ‘slight’ selloff in Sable Offshore from California letter

Roth Capital expects shares of Sable Offshore (SOC) to have a “slight negative reaction” after the California State Fire Marshal Notified the company of deficiencies in its plan to restart Its oil pipelines. The letter from California prevents the approval of the restart plan until requirements are met, the analyst tells investors in a research note. Roth, however, is “somewhat encouraged” that the California State Fire Marshal is “moving ahead with its review and making tangible progress, which shows that pipeline restart is still a viable option.” It keeps a Buy rating on Sable Offshore with a $28 price target The stock in premarket trading is down 5% to $13.29.