Roth Capital keeps a Buy rating on Sable Offshore (SOC) with a $28 price target after the company announced that a California superiors court judge sided with the state government and tentatively ruled against the company in its case to lift the state’s cease and desist order on repairs it had made to an onshore pipeline system linked to the Santa Ynez oil pipeline. Sable Offshore failed to meet its burden to prove the commission had abused its discretion, according to the presiding judge in a tentative ruling, the analyst tells investors in a research note. Roth points out the company does not believe the ruling prohibits the California State Fire Marshall from certifying its oil pipeline network. The firm sees the shares trading down today on the news. Sable Offshore in premarket trading is down 29%, or $5.18, to $12.51.
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