Sable Offshore Corp. (SOC) PT Lowered to $11 at Jefferies

Jefferies analyst Lloyd Byrne lowered the price target on Sable Offshore Corp. (NYSE: SOC) to $11.00 (from $24.00) while maintaining a Buy rating.

The analyst comments "SOC has had a challenging couple of weeks as investors have grappled with the cost of refinancing, including an unexpected equity/convertible note as government support failed to materialize, and a falling forward oil curve. The dilution has been frustrating for existing equity holders. With refinancing complete, the focus is on Judge Wilson's ruling in July, a potential DOE SPR update, SYU operations, and, ultimately, refinancing. PT to $11/sh."

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