Roth Capital: Sable Offshore Shares Hit Hard
Roth Capital notes that Sable Offshore shares are "being hit hard" on news that California Judge Donna Geck of the Santa Barbara County court issued a preliminary ruling against a Sable Offshore motion to dissolve a preliminary injunction that was previously ordered against the restart of the company's onshore pipelines in the Las Flores Canyon area. The ruling on the matter was scheduled to take place on February 27, but the judge made a preliminary ruling ahead of time, as is customary, the analyst noted. Sable is still pursuing federal pathways toward a restart of its onshore pipeline network and has "said for quite some time" that it didn't view this hearing as being critical in its pursuit of that goal, adds the analyst, who has a Buy rating and $22 price target on the shares.
