Sable Offshore price target raised to $32 from $19 at Jefferies

Jefferies analyst Lloyd Byrne raised the firm’s price target on Sable Offshore (SOC) to $32 from $19 and keeps a Buy rating on the shares. The firm cites the company having issued an 8-K filing disclosing the release of a “conditional agreement” with Santa Barbara County wherein the County acknowledged it does not have jurisdiction over the installation of 16 new safety valves and granting Pacific Pipeline Company – PPC – approval for valve installation along the pipeline. Sable Offshore is targeting first production and sales in October/November, and recognition of proceeds in Dec with a view to refinance its loan with Exxon Mobil (XOM), the analyst tells investors in a research note.