Sable Offshore Stock Jumps 8% Overnight With April First-Sales Target In Sight — And A California Lawsuit In The Way

• Late Sunday, Jefferies maintained SOC’s ‘buy’ rating and raised its price target to $30 from $28.
• Retail sentiment for Sable Offshore was ‘bearish’ amid ‘extremely low’ message volumes.
• Last week, California asked a court to rule that the U.S. Energy Secretary Chris Wright’s order directing SOC to restart oil drilling at the Santa Ynez unit violated federal law and the U.S. Constitution.

Shares of oil and gas company Sable Offshore Corp. (SOC) jumped over 8% in overnight trading heading into Monday, as investors buzzed over the company’s target of hitting first oil sales at its Santa Ynez offshore unit in California by April 1.

Earlier this month, U.S. Energy Secretary Chris Wright ordered SOC to resume oil drilling at the Santa Ynez unit and restart the Santa Ynez pipeline, citing supply concerns amid rising fuel prices driven by the war. The order was granted through a presidential executive order invoking the Defense Production Act, which allowed it to supersede state laws.

What SOC’s Plans Entail

On Wright’s orders, SOC said that it immediately resumed the transportation of hydrocarbons (oil) produced at the unit. The company also said it plans to start its first sales by April 1 at an expected gross oil rate of 50,000 barrels per day.

On March 24, Chevron reportedly said it plans to buy an initial 20,000 barrels of oil per day from SOC. “We’re going to run Sable’s crude at El Segundo in April,” the president of Chevron’s downstream, midstream, and chemicals businesses, Andy Walz, said in an interview with Bloomberg, referring to the company’s Los Angeles fuel-making plant that can process 269,000 barrels of oil daily.

California Sues Energy Department Over SOC Restart

Last week, a California attorney filed a lawsuit against the Energy Department, alleging that Wright’s restart order violates state law, state court orders, and a settlement approved by a federal court. California asked the Courts to rule that the order violated federal law and the U.S. Constitution.

The pipelines were shut down in 2015 after an oil spill leaked over 100,000 gallons of crude oil into the Pacific Ocean and onto beaches near Santa Barbara. However, in May 2025, SOC restarted production at Santa Ynez.

What Analysts Say About SOC

Late Sunday, Jefferies maintained SOC’s ‘buy’ rating and raised its price target to $30 from $28, citing that the company is on track to reach first sales at the unit by April 1. Jefferies noted that "precedent suggests the Courts will maintain the status quo," if SOC meets the milestone.

Last week, Roth Capital said it is confident SOC will meet its target for first sales at the unit, as it is in the process of filling its oil pipeline with 540,000 barrels from its 540,000-barrel oil storage. Roth Capital noted that SOC plans to start a shareholder return program after the company refinances its debt and puts on hedges. The firm rates SOC a ‘buy’ with a $24 price target.

On Wall Street, 3 out of 4 analysts covering SOC rate it ‘buy’, while 1 analyst rates it ‘hold’, with an average price target of $28.33, according to Koyfin.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment for Sable Offshore was ‘bearish’ amid ‘extremely low’ message volume. The watcher count for SOC on Stocktwits increased by nearly 300% in the last year.

One bullish user said, “$SOC Countdown to April 1st Wednesday!!! We will experience a new high!”

Another user added, “$SOC this has some dilution risk i believe but 1st april will be a huge.”

SOC’s stock has increased 104.55% year-to-date

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