Jefferies analyst Lloyd Byrne attributes the recent share rally in Sable Offshore (SOC) to Superior Court of California Judge Donna Geck’s ruling that allows the company to proceed with restarting pipelines 324 and 325 and commence first oil sales in August, once the terms to lift the injunction are met. Sable is on track to have the injunction lifted and to restart Santa Ynez Unit operations, the analyst tells investors in a research note. The firm points that the petitioners have indicated they will seek a delay in lifting the injunction. Jefferies keeps a Buy rating on Sable Offshore with a $38 price target
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SOC:
- Roth sees Sable Offshore pipeline restart in near future after ruling
- Sable Offshore soars after judge lays out restart of Las Flores Pipelines
- Sable Offshore jumps after Santa Barbara Court issues pipeline ruling
- Sable Offshore Corp trading resumes
- Sable Offshore Corp trading halted, volatility trading pause