Sable (SOC) Surges After Seeking Federal Pipeline Oversight; Roth Maintains Buy

Sable Offshore Corp. (NYSE:SOC) is one of the cheap oil stocks under $10 to buy now. On December 1, Roth Capital stated that it expected Sable Offshore Corp. (NYSE:SOC) shares to have a positive reaction on the same day (December 1) due to Sable’s announcement about seeking federal oversight for its pipeline. And by close of trading on that day, the stock was up 14%; and as of December 4, the stock had gained an additional 6%. Roth Capital has a Buy rating on Sable and a price target of $22.

Sable (SOC) Surges After Seeking Federal Pipeline Oversight; Roth Maintains Buy

Speaking of the federal oversight, on November 26, Sable informed the US Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA) that its onshore pipeline qualifies as an interstate pipeline facility under the Interstate Pipeline Safety Act. Accordingly, the company requested PHMSA’s formal concurrence on this classification and detailed guidance for an orderly shift in regulatory authority from state to federal oversight. The company noted that it hopes the change will remove persistent state hurdles that have caused “unlawful delays.”

Sable Offshore Corp. (NYSE:SOC) is an independent oil and gas company. It develops and operates offshore platforms and subsea pipelines in federal waters off the coast of California. The company’s primary assets include the Santa Ynez Unit (SYU), which consists of three offshore platforms and a wholly owned onshore processing facility at Las Flores Canyon in Santa Barbara County.

While we acknowledge the potential of Sable Offshore Corp. (NYSE:SOC) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SOC and that has 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 9 Best EV Charging Stocks to Buy Now and 11 Best Falling Stocks to Buy According to Wall Street Analysts.

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