Sable Offshore price target raised to $40 from $31 at TD Cowen

TD Cowen raised the firm’s price target on Sable Offshore (SOC) to $40 from $31 and keeps a Buy rating on the shares. The company updated the market with several incremental details, the analyst tells investors in a research note. The firm says Stable successfully restarted production from the Harmony platform offshore California, flowing into Las Flores Canyon ahead of anticipated pipeline restart. The company also guided to materially higher production rates than anticipated, raising second half guidance by 100% towards rates that TD had not modeled until the first half of 2027, the analyst says. The firm believes the “story is largely derisked as all pipeline repairs have been completed with recommissioning imminent.”

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