From Yahoo Finance: 2025-05-27 13:36:00

Jefferies reiterated its Buy rating on Sable Offshore Corp. (NYSE:SOC) and raised its price target to $38 from $36 after the company began oil production at the Santa Ynez Unit off the coast of California.

Sable Offshore resumed production at the Santa Ynez Unit after a shutdown in 2015 due to a pipeline rupture, now producing 6,000 barrels of oil a day from six wells.

Jefferies increased its price target to $38 to reflect updated production expectations and anticipates the company securing loan financing to expand production operations.

Sable Offshore reported a net loss of $109.5 million for the first quarter of 2025 due to restarting production but ended with a cash balance of $189 million, ensuring financial stability for operations at the Santa Ynez unit.

Sable Offshore Corp. is a U.S.-based independent oil and gas company with operations in federal waters near California, holding federal leases covering 76,000 acres and managing subsea pipelines for oil, gas, and water.

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Read more at Yahoo Finance: Jefferies Hikes Sable Offshore Price Target, Maintains Buy Rating