Sable Offshore (SOC) Target Price Decreased to $11 with 180% Upside

Sable Offshore Corp. (NYSE: SOC) had its price target cut by Jefferies from $24 to $11 on July 6, which still indicates an upside potential of over 180%. Despite the reduction, Jefferies maintained a Buy rating on SOC. The company recently executed a public offering of 32,467,533 common shares at $3.08 per share and issued $300 million in 6.5% convertible senior notes due in 2031. This situation reflects the company’s challenges in securing government support and could affect current equity holders due to dilution. Investors should monitor this situation closely, as it could impact future stock performance.