Sable Offshore: Jefferies Weighs In
And A Clown Keeps His $6 Price Target
I know I have been writing about Sable Offshore SOC 0.00%↑ nonstop, but I wouldn’t be surprised if the next couple weeks (and beyond) are going to be a lot of fun for investors. Anyone who has been following this thing closely knows that we are basically in the home stretch to first production. In my post the other day, I wrote that the timeline and regulatory uncertainty was behind us, and that the Santa Ynez Unit would probably be fully operational by the end of May. I was assuming two weeks for pipeline repairs in the Park, but it looks like for the first time that I can remember, we are going to have a (small) positive timeline surprise with Sable for a change.
On that front, I wanted to share a quick Jefferies note that I snagged from a friend with a $36 price target. I don’t put much stock in price targets (in this case they are probably going to come back in a couple months and raise it, along with all the other firms covering Sable), but there were a couple details in the note worth covering briefly. There is also at least one guy who is in denial, and he reiterated a $6 price target. He would be better off adding a zero to his price target to be honest, and I hope he (or whoever he is working with) are still short. I think the rush to the entrance dynamic that I described in my post on Sunday is just getting started.
