Sable Offshore price target lowered to $37 from $38 at Roth Capital

Roth Capital analyst Leo Mariani lowered the firm’s price target on Sable Offshore (SOC) to $37 from $38 and keeps a Buy rating on the shares. The firm cites lower cash flow estimates for the trimmed target. Sable priced a $256.5M primary equity offering at $29.50 per share, which was a 9% discount to the prior closing price, the analyst tells investors in a research note. Roth reduced 2025 earnings estimates to reflect higher Q2 cost estimates and the recent equity financing.