Why Sable Offshore Corp. (SOC) Went Down On Wednesday

We recently published a list of 10 Stocks Crash Harder Than Wall Street. In this article, we are going to take a look at where Sable Offshore Corp. (NYSE:SOC) stands against other worst-performing stocks.

Sable Offshore saw its share prices decrease by 15.31 percent on Wednesday to end at $27.89 apiece after the California Coastal Commission secured a preliminary injunction against the company’s pipeline repair and maintenance activities within the coastal zone of Santa Barbara County.

The news raised concerns about project delays and additional costs for Sable Offshore Corp. (NYSE:SOC) anew.

Aerial view of an industrial landscape showing the scale of oil and gas operations.

The legal proceedings stemmed from claims that the company did not secure necessary coastal development permits for the ongoing repair and maintenance on the Las Flores oil facility, which was ordered shut in 2015 following an oil spill from a ruptured pipeline that released 450,000 gallons of oil near Refugio State Beach.

The injunction halts Sable Offshore Corp. (NYSE:SOC) from continuing works for the Las Flores facility until it secures a new, operative CDP or other form of Coastal Act authorization.

Overall, SOC ranks 3rd on our list of worst-performing stocks. While we acknowledge the potential of SOC, 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 10,000x upside potential, check out our report about this cheapest AI stock.

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