Sable Offshore (SOC) Ends Losses, Jumps 14.9% on Bullish Rating, PT

We recently published 10 Stocks Stealing The Spotlight Today. Sable Offshore Corp. (NYSE:SOC) is one of the top performers on Wednesday.

Sable Offshore snapped a five-day losing streak on Wednesday, jumping 14.89 percent to close at $20.06 apiece as investors took heart from an investment bullish coverage and price target for its stock.

In a market note, Benchmark gave the company a “buy” recommendation with a price target of $47, marking an upside potential of 134 percent from its latest closing price.

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The upgrade followed Sable Offshore Corp.’s (NYSE:SOC) submission of an alternative option to pursue an “offshore storage and treating vessel” to transport crude oil from its offshore pipelines instead of relying on its onshore network, which still needs regulatory approvals to operate.

According to Sable Offshore Corp. (NYSE:SOC), it would program $100 million in capital expenditures to pursue Plan B, as well as $3-$4 per barrel of oil equivalent in operating expenses.

“[We continue] to work diligently with the State of California to safely and responsibly resume petroleum transportation through the onshore pipeline in accordance with its Federal Consent Decree, which was entered into by several state and federal agencies. Continued delays related to the onshore pipeline will prompt Sable to fully pivot back to a leased OS&T strategy, which was utilized to process SYU production in federal waters from 1981-1994,” Sable Offshore Corp. (NYSE:SOC) said.

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