Jefferies lowered the firm’s price target on Sable Offshore (SOC) to $20 from $38 but keeps a Buy rating on the shares after the company’s $250M share placement. The management also clarified its path forward by focusing on the OS&T option and also negotiated an extension with Exxon Mobil (XOM) on the PIK loan subject to conditions, the analyst tells investors in a research note.
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Read More on SOC:
- Sable Offshore price target lowered to $22 from $26 at Roth Capital
- Sable Offshore to sell 45.454M shares at $5.50 per share in private placement
- Sable Offshore Announces $250M Private Placement
- Sable Offshore Corp put volume heavy and directionally bearish
- Roth Capital sees selloff in Sable Offshore shares as buy opportunity