Sable Offshore drops on upsized $257 mln stock sale

Sable Offshore's SOC.N shares down 4.9% premarket to $30.76 after overnight follow-on priced

Houston, Texas-based oil and gas firm late Weds announced ~8.7 mln shares at $29.50 for ~$256.5 mln gross raise to fund capex, working capital and general purposes

Offering size boosted from $200 mln, priced at 8.8% discount to stock's last sale

With ~89.4 mln shares outstanding, co has $2.9 bln market cap

J.P. Morgan, Jefferies and TD Cowen are jt bookrunners for offering

SOC shares on Mon surged >14% to record high close of $33.02 after co announced restart of oil production at the Santa Ynez Unit (SYU) offshore platforms off the California coast and doubled production guidance for H2 2025

Through Weds close, SOC shares up 41% YTD

Sable went public in Feb 2024 after merger with SPAC Flame Acquisition Corp

All 5 analysts covering SOC are bullish with $40 median PT, according to LSEG data