10 Best Stocks Under $10 That Could Triple

9. Sable Offshore Corp. (NYSE:SOC)

Sable Offshore Corp. (NYSE:SOC) is one of the 10 best stocks under $10 that could triple.

On July 6, Lloyd Byrne from Jefferies reduced Sable Offshore Corp.’s (NYSE:SOC) price target from $24 to $11. Despite such a huge downward adjustment, the price target still results in an upside potential of over 180%.

The analyst maintained a Buy rating on the stock despite some recent challenges, such as the dilution for current equity holders caused by the recent convertible notes offering. The offering was executed amid the company’s failure to attain government support.

Earlier on July 1, Sable Offshore Corp. (NYSE:SOC) shared details around the company’s recent public offerings. These involved 32,467,533 common shares, priced at $3.08 per share, and the issuance of 6.5% convertible senior notes with a $300 million principal amount due in 2031.

The company offered underwriters a one-month period to purchase up to an additional 4,870,129 common shares and up to $45 million in additional notes, with the aim of covering excess allotments. The notes will fall under senior unsecured liabilities, accruing interest at 6.5% per year, that will be payable on a semi-annual basis.

The starting conversion rate is 249.7502 shares per $1,000 face value, with an estimated conversion price of $4 per share. This leads to a premium of about 30% over the public offering rate.

Sable Offshore Corp. (NYSE:SOC) is an oil and gas production company that conducts independent exploration, production, and marketing. In addition, the company operates a subsea pipeline that transports oil, gas, and produced water to the processing plants.