Sable Offshore price target raised to $47 from $37 at Benchmark

Benchmark raised the firm’s price target on Sable Offshore (SOC) to $47 from $37 and keeps a Buy rating on the shares after the company raised second half production guidance. There is a single hydrotest remaining before official restart approval by the OSFM and the reservoirs appear fully charged and capable of exceeding pre-shut-in volumes of 45,000 boepd, says the analyst, who notes that the firm’s estimate for the exit 2025 rate of 45,000 boepd is “double our prior expectations.”