The $200 Oil Playbook: 5 Energy Stocks Positioned to Outperform as the Strait Remains Closed

4. Sable Offshore Corp. (NYSE:SOC) 

Share Price Gains Between March 9 and March 16: 13.83%

Sable Offshore Corp. (NYSE:SOC) is an independent upstream company focused on developing the prolific Santa Ynez Unit in federal waters offshore California.

Sable Offshore Corp. (NYSE:SOC) has been in a fiery dispute with Californian authorities as the company works to restart oil production at the Santa Ynez Unit of offshore oil platforms, which has been shut down since a disastrous oil spill in 2015. That said, the firm has received strong support from the Trump administration and the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA), which even approved its request to shift the pipelines under federal rather than state oversight.

Sable Offshore Corp. (NYSE:SOC) received another strong push on March 13 when the Trump administration officially directed the company to ​restore oil drilling operations off the California coast, in a bid to ease the global supply disruptions created by the war with Iran. Energy Secretary Chris Wright announced the decision after President Trump signed an executive order aimed at ‘ensuring that West Coast military installations have the reliable energy critical to military readiness’.

Following the Trump administration’s Defense Production Act order, Sable Offshore Corp. (NYSE:SOC) announced on March 16 that it had finally resumed oil transportation through the Santa Ynez Pipeline System, with first sales expected by April 1.

Following the development, Roth Capital raised its price target on Sable Offshore Corp. (NYSE:SOC)  from $22 to $24 on March 16, and kept its ‘Buy’ rating on the shares.