Global Hunter Securities Upgrades W&T Offshore (WTI) to Buy; Ready for More M&A in 2012
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Price: $3.92 -2.24%
Rating Summary:
6 Buy, 3 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Rating Summary:
6 Buy, 3 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
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Global Hunter Securities upgraded W&T Offshore (NYSE: WTI) from Accumulate to Buy, price target raised from $25 to $30.
Analyst, Philip McPherson, said, "WTI ended 2011 on a high note. Production exceeded our expectations, and when coupled with Gulf of Mexico (GOM) oil price realizations, led to a nearly doubling of net income versus our estimates. W&T's 2012 capex budget of $425MM is nearly $100MM less than our estimated cash flow for 2012. The difference leaves the company in a unique position amongst the E&P space as it can not only grow production from within cash flows but also produce free cash flow. The growing liquidity should set the stage for the company to continue with its aggressive M&A roots, including more potential activity onshore."
For an analyst ratings summary and ratings history on W&T Offshore click here. For more ratings news on W&T Offshore click here.
Shares of W&T Offshore closed at $23.19 yesterday.
Analyst, Philip McPherson, said, "WTI ended 2011 on a high note. Production exceeded our expectations, and when coupled with Gulf of Mexico (GOM) oil price realizations, led to a nearly doubling of net income versus our estimates. W&T's 2012 capex budget of $425MM is nearly $100MM less than our estimated cash flow for 2012. The difference leaves the company in a unique position amongst the E&P space as it can not only grow production from within cash flows but also produce free cash flow. The growing liquidity should set the stage for the company to continue with its aggressive M&A roots, including more potential activity onshore."
For an analyst ratings summary and ratings history on W&T Offshore click here. For more ratings news on W&T Offshore click here.
Shares of W&T Offshore closed at $23.19 yesterday.
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