Eos Energy stock falls after Fuzzy Panda issues short report
Investing.com - Sable Offshore Corp. (NYSE:SOC) stock gained after Benchmark reiterated its Buy rating and $47.00 price target on the company, representing a significant upside from its current price of $18.12. According to InvestingPro data, the stock has fallen over 24% in the past week, suggesting potential value for investors aligned with Benchmark's bullish outlook.
The firm maintained its positive stance following Sable's formal presentation of its "Plan B," which involves an offshore storage and treating vessel, as the company awaits approval of its restart plan from OSFM.
Benchmark expressed optimism about market reaction to the newly disclosed costs and timeline for the Plan B initiative, which requires $100 million in capital expenditure plus $3-$4 per barrel of oil equivalent in operating expenses.
The project is scheduled for completion in the fourth quarter of 2026, according to the company's presentation.
Benchmark noted that market participants had previously reacted negatively to discussions about a Floating Production Storage and Offloading (FPSO) vessel on social media platform X last week, primarily due to concerns about potential costs and extended lead times.
In other recent news, Sable Offshore Corp. has made significant strides regarding its Las Flores Pipeline System. The company announced it has submitted a formal Request for Approval of Restart Plans to California regulators, which marks a crucial step towards resuming petroleum transportation. Sable Offshore reported meeting all operational conditions required by the Federal Consent Decree, such as anomaly repairs and safety valve installations. Additionally, a recent court ruling partially granted injunctions related to the pipelines, allowing Sable to proceed with necessary approvals and permits. However, the court decision also stipulates that the actual restart of the pipelines cannot occur until 10 court days after Sable provides a signed notice of compliance. These developments are pivotal as they move the company closer to restarting operations that have been halted since a 2015 oil spill.
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