Sable Offshore price target raised to $38 from $26 at Roth Capital

Roth Capital raised the firm’s price target on Sable Offshore (SOC) to $38 from $26 and keeps a Buy rating on the shares. The company announced it as initiated the flow of oil from six wells at the Santa Ynez Unit from Platform Harmony at a rate of 6,000 Bopd, the analyst tells investors in a research note. The firm points out Sable raised Its 2026 and 2027 production outlook by 52% and 58%, respectively. It cites much higher production estimates and lower costs for its increased earnings estimates and a “de-risking of the operational story” for the target boost.