Roth Capital is surprised that Sable Offshore’s (SOC) shares are selling off “so hard again today” and sees this as a buying opportunity. The firm notes Sable Offshore hosted an investor call and posted an updated slide deck where the company has now switched its plans up to indicate that an Offshore, Treating & Storage vessel is now its first option for production from the Santa Ynez Unit. The California State Fire Marshall now seems unlikely to approve the restart of the company’s oil pipeline system, though Sable is still working with the OFSM to resolve the issue. Roth has a Buy rating on the shares with a price target of $26.
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