Roth Capital analyst Leo Mariani reiterated a Buy rating and $37 price target on Sable Offshore (SOC) after a Santa Barbara County Superior Court judge issued a temporary restraining order against the state fire marshal, which will be effective until July 18. Sable shares dropped after the news, but Roth sees the current weakness as a buying opportunity, as the company should have plenty of liquidity to get through several months of delays on its pipeline restart if this news ends up being a significant delay. Sable should be able to stomach several months of delays on its pipeline if that is what occurs, as the company had around $225M of cash on hand as of March 31 and recently raised a net amount of around $282M of equity, the analyst tells investors in a research note.
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