Sable Offshore (SOC) Climbs 22.6% as Firm Expects Las Flores Restart this Month

We recently published AI Frenzy: 10 Stocks Crushing the Market, 6 Climb to Fresh Highs. Sable Offshore Corp. (NYSE:SOC) is one of the top performers on Wednesday.

Sable Offshore snapped a three-day losing streak on Wednesday, jumping 22.58 percent to close at $24.59 apiece as investors repositioned portfolios on optimism for the Las Flores pipeline’s restart this month.

It can be recalled that Sable Offshore Corp. (NYSE:SOC), in an updated report last August, announced targets of recommencing oil sales upon the expected restart of the onshore pipeline this September.

The Las Flores pipeline has been ordered shut since 2015 following a catastrophic pipeline rupture that resulted in a massive oil spill.

At present, the project is facing legal and regulatory roadblocks after multiple environmental organizations challenged Sable Offshore Corp. (NYSE:SOC), barring the restart of the pipeline.

In other recent news, Sable Offshore Corp. (NYSE:SOC) is facing a class action lawsuit over allegations that it provided misleading business updates, including restarting oil production off the coast when it had not, saying that statements about its “business, operations, and prospects, were materially false and misleading.”

Sable Offshore Corp. (NYSE:SOC) has yet to issue a statement on the allegations.

While we acknowledge the risk and potential of SOC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SOC and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.