Jefferies Cuts Sable Offshore (SOC) PT to $20 Following $250M Share Placement

Company Overview - Sable Offshore Corp. (NYSE:SOC) operates as an independent oil and gas company in the US, with three platforms located in federal waters offshore California [4]. Recent Developments - On November 10, Sable Offshore announced a private placement of common stock, agreeing to issue 45,454,546 shares at a purchase price of $5.50 per share, expected to generate gross proceeds of approximately $250 million [3]. - Following the share placement announcement, Jefferies lowered its price target for Sable Offshore from $38 to $20 while maintaining a Buy rating [1]. - Roth Capital also reduced its price target from $26 to $22, citing the company's high growth potential, low base declines, and strong field margins as attractive factors [2]. Investment Sentiment - Despite the price target reductions, both Jefferies and Roth Capital maintain a positive outlook on Sable Offshore, indicating it remains an attractive investment opportunity [1][2].