Key Highlights

  • Shares are trading 1.30% lower at $3.04 on Wednesday, October 28, 2026, against a 52-week range of $2.88 to $19.25.
  • Short interest for the October 15, 2026 settlement was 54,394,946 shares, or 8.16 days to cover.
  • Preliminary July and August sales were about 32,000 gross barrels per day, with October nominations projected at 38,000.
  • Unrestricted cash was $22 million at June 30, 2026, against a $675 million term loan.
  • A July 2026 equity raise of $115 million priced at $3.08 per share.

Sable Offshore Penny Stock: Why Is It Edging Lower With 28% of Shares Sold Short?

Sable Offshore (NYSE:SOC) shares are trading 1.30% lower at $3.04 on Wednesday, October 28, 2026, a move that keeps the stock among the most shorted names. No dated company release accompanied the move, near the bottom of a 52-week range of $2.88 to $19.25. At 191.87 million shares, the equity is valued near $583 million (calculated).

Sable is an independent oil and gas company that operates three platforms in federal waters off California, holds 16 federal leases covering about 76,000 acres and runs subsea pipelines that carry crude oil, gas and produced water to onshore processing.

Sable Offshore Short Interest: What Does 54.4 Million Shares Short Mean?

Short-interest data for the settlement date of October 15, 2026 shows 54,394,946 shares sold short, up 209,289 from the September 30 reading. Days to cover were 8.16, based on average daily volume of 6,662,911 shares. That equals about 28.3% of shares outstanding (calculated; float is not reported).

A position this size can intensify moves, since short sellers buying back shares can add to a rally; it describes positioning, not a forecast.

Sable Offshore Production: Is the Santa Ynez Pipeline Delivering Volumes?

Petroleum transportation resumed through pipeline segments 324 and 325 in March 2026, with first sales to Chevron (NYSE:CVX) that month, after a federal Defense Production Act order directed the resumption. Harmony has flowed since May 2025, Heritage restarted in April 2026, and Hondo is expected back in the fourth quarter of 2026, pending final regulatory approval targeted for October.

Preliminary sales were about 32,000 gross barrels per day in July and August, with September expected at 34,000 and October nominations projected at 38,000 and an estimated exit rate of 45,000, excluding Hondo. The Las Flores Canyon plant runs at about 80% of the combined capacity of the Harmony and Heritage platforms, and downstream sales constraints affected late August and September.

Sable Offshore Balance Sheet: How Heavy Is the Debt Against $22 Million in Cash?

A refinancing closed on July 2, 2026 added a $675 million term loan with a 15% coupon maturing December 15, 2028, and $345 million of 6.5% convertible notes due July 1, 2031 with a $4.00 conversion price. It also sold $115 million of common stock at $3.08 per share.

Second-quarter revenue was $137.13 million, with a loss of $0.42 per share versus $1.40 a year earlier, and the trailing twelve-month net loss is $433.79 million.

Planned capital spending is $75 million to $95 million for the second half of 2026, and costless collars set a $65 per barrel floor on about 26,000 barrels per day in the third quarter.

What to Watch Next: Hondo Approval, Third-Quarter Results and the Next Short-Interest Release

Sable has announced its third-quarter 2026 results date and call, with the report expected around November 9. Other near-term items are final approval for the Hondo restart, ongoing disputes with Santa Barbara County and the California Coastal Commission, and the official short-interest release for the October 30 settlement, expected on November 10.