Sable Offshore initiated with a Sell at BWS Financial

BWS Financial analyst Hamed Khorsand initiated coverage of Sable Offshore (SOC) with a Sell rating and $6 price target The company is attempting to restart oil production off the coast of Santa Barbara, California, but is unlikely to gain the necessary regulatory approvals to move forward, the analyst tells investors in a research note. BWS sees a high likelihood that Sable Offshore “could suffer from regulatory delays and requests for studies and reports before the platforms ever come back online.” Delays could result in a higher expense than estimated and potentially lead to Exxon Mobile (XOM) asking for the assets back without compensation, the firm contends.