Sable Offshore (SOC – Research Report), the Financial sector company, was revisited by a Wall Street analyst yesterday. Analyst David Deckelbaum from TD Cowen maintained a Buy rating on the stock and has a $26.00 price target.
David Deckelbaum’s rating is based on Sable Offshore’s progress and strategic actions amid regulatory challenges. The company has been actively engaging with the California Coastal Commission to address necessary repairs and prepare for a production restart, which is crucial for meeting their year-end targets. Sable’s initiative to fill open pits to prevent erosion during the winter season reflects their proactive approach in resolving outstanding issues and maintaining good relations with regulatory bodies.
Despite the challenges posed by regulatory inquiries and a cease and desist order, Sable has made significant strides in advancing its operations. The company has completed a substantial portion of the required repair work, and recent approvals from the Santa Barbara County Planning Commission highlight their operational readiness. These developments underpin Deckelbaum’s confidence in Sable’s ability to navigate regulatory hurdles and resume production, justifying the Buy rating.
In another report released on November 5, Johnson Rice also initiated coverage with a Buy rating on the stock with a $30.00 price target.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SOC in relation to earlier this year.
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Sable Offshore (SOC) Company Description:
Flame Acquisition Corp is a blank check company.
Read More on SOC:
- Sable Offshore Faces Losses Amid Strategic Advancements
- Sable Offshore provides update on coastal zone maintenance, repair work
- Sable Offshore Corp options imply 4.9% move in share price post-earnings
- Sable Offshore Corp options imply 7.2% move in share price post-earnings
- Largest borrow rate increases among liquid names
