Jun. 3 at 7:58 PM
$SOC Sable Offshore weakness a buying opportunity, says Roth
Roth Capital analyst Leo Mariani reiterated a Buy rating and
$37 price target on Sable Offshore 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.
