Sable Offshore has ‘plenty of liquidity’ for pipeline delay, says Roth Capital

Roth Capital analyst Leo Mariani says Sable Offshore (SOC) has “plenty of liquidity” to “stomach several months of delays” on its pipeline restart if that is what occurs. The temporary restraining order issued by a Santa Barbara County superior court judge will be effective until July 18, which means that Sable can not restart its pipelines until the expiration of the TRO, the analyst tells investors in a research note. The company believes that it can resolve this legal issue by July 18, and it expects first oil sales by August 1, Roth points out. Roth views the recent pullback in Sable Offshore shares as a buying opportunity and keeps a Buy rating on the name with a $37 price target