Sable Offshore Corp. (NYSE:SOC) is one of the best NYSE penny stocks to invest in right now. On November 11, Jefferies lowered the firm’s price target on Sable Offshore to $20 from $38 but kept a Buy rating on the shares after the company announced its $250 million share placement. The company’s management clarified its future strategy by electing to focus on the OS&T option.
A day prior, on November 10, Roth Capital also cut the firm’s price target on Sable Offshore to $22 from $26 with a Buy rating on the shares. This sentiment was also driven by the company’s announcement of the $250 million share placement. Roth Capital noted that Sable Offshore is an attractive prospect because it is a high-growth company with low base declines and strong field margins.
On November 10, the company entered into subscription agreements for a private placement of common stock with institutional investors. Sable Offshore agreed to issue a total of 45,454,546 shares of its common stock at a purchase price of $5.50 per share. The transaction is expected to generate gross proceeds of ~$250 million.
Sable Offshore Corp. operates as an independent oil and gas company in the US. The company operates through three platforms located in federal waters offshore California.
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This article is originally published at Insider Monkey.
