Why These Energy Stocks are Losing This Week

4. Sable Offshore Corp. (NYSE:SOC) 

Share Price Decline Between Nov 3 – Nov 10: 17.47%

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

Sable Offshore Corp. (NYSE:SOC) plummeted to an all-time low this week after the company announced plans to extend the maturity of its loan with Exxon Mobil contingent upon raising at least $225 million through a stock offering.

Sable Offshore Corp. (NYSE:SOC) also came under intense pressure on October 31 when short-seller Hunterbrook alleged that the company had selectively disclosed information to investors, including professional golfer Phil Mickelson. Sable responded by saying that it had formed a special committee to investigate the matter.

However, Sable Offshore Corp. (NYSE:SOC) bounced back strongly on November 10 when the company announced a $250 million private placement of shares to institutional investors, with plans to use the proceeds for general corporate purposes.

Sable Offshore Corp. (NYSE:SOC) also attracted increased analyst attention following the news, with Jefferies nearly halving the stock’s price target from $38 to $20 on November 11. Despite the significant drop in price target, the firm maintained its ‘Buy’ rating on SOC.