The share price of Sable Offshore Corp. (NYSE:SOC) increased by 30.89% from January 7 to January 14, 2026, placing it among the week's top-gaining energy stocks.
Sable Offshore Corp. is an independent upstream company that focuses on developing the Santa Ynez Unit in federal waters off the coast of California.
The company's value has more than doubled over the past month. This followed federal approval to restart a controversial oil and gas pipeline near Santa Barbara. Sable Offshore had faced legal challenges from California state and local authorities. It overcame opposition after the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) approved shifting the pipeline to federal oversight instead of state oversight.
Local resistance continued, and an emergency lawsuit was filed on December 26 seeking to block the restart. Environmental groups argued that PHMSA bypassed required public notice, public participation opportunities, statements of reasons for decisions, and other conditions under the federal Pipeline Safety Act.
PHMSA responded that its emergency permits for Sable were based on a national energy emergency declared by President Trump last year. On January 2, a federal court denied the petition to stay PHMSA's decision to take over oversight of Sable Offshore's plans to restart the Santa Ynez unit.
The case was not dismissed. Responses and briefs are due over the next few months. Benchmark analyst Subash Chandra stated that Sable Offshore's Santa Ynez Unit is 'the closest it has been' to resuming production. On January 2, the firm reiterated its 'Buy' rating on SOC and assigned a price target of $20, indicating over 77% upside from current levels.