Sable Offshore Corp. has reached a new threshold. Availability dropped to 0% on July 3 — every share in the lending pool is now out. That is the tightest reading on record. At the same time, Jefferies cut its price target from $24 to $11, nearly halving its prior view.
Lloyd Byrne at Jefferies lowered the target to $11 on July 6. The prior target was $24. That is a 54% reduction in one action.
Roth Capital had already cut to $15 on July 1. Both firms retain Buy ratings. The consensus mean stands at $13.67. The stock closed at $3.95 on July 6 — down 7% on the day and down 43% on the week.
Both analysts have been consistently trimming. Jefferies stood at $30 in March and $38 in late 2025. The direction has not changed for eight months.
Availability has now reached 0%. One week ago it was 85%. Two weeks ago it was over 100%. The pool did not thin gradually — it collapsed.
Cost to borrow peaked at 4.70% on July 1. It eased to 2.56% by July 3 as demand dynamics shifted — but that still represents a 198% increase week-on-week. In May, CTB was below 0.70%.
Short interest reached 23.5% of free float as of the most recent reading. That is up 28% week-on-week and up 38% over the past month. Shorts have not covered despite a catastrophic decline in the stock price.
BlackRock added 2.65 million shares as of June 30 — the most recently reported large-holder move. Morgan Stanley added 2.04 million shares as of March 31. Two Seas Capital added 3.76 million shares in the same period.
Capital Research and Management trimmed 1.66 million shares. Alyeska reduced by 8.4 million — the largest holder-level exit in the data.
The top holder, Pilgrim Global Advisors, held 18.2 million shares as of March 31 with no change reported. James Flores — Founder and Chairman/CEO — held 11.75 million shares as of April 29, adding 120,000 in the period.
See the live data behind this article on ORTEX.
Open SOC on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
