Dallas, Texas 02/06/2014 (FINANCIALSTRENDS) – W&T Offshore, Inc.(NYSE:WTI) the US-based oil and natural gas company is seeing upward trend is share prices following the recent grading of the stock. W&T Offshore dabbles in oil exploration; acquisition as well as development of natural gas and oil, operating mainly in the Gulf of Mexico region.
Analysts such as Barclays have placed the stock on Equal Weight. The price target is also revised downwards from $20 to $16.
Other investor research groups and analysts too have reportedly backed W&T Offshore, Inc.(NYSE:WTI) in their research notes.
W&T Offshore, Inc.(NYSE:WTI) engages in exploring and acquiring new prospects in the oil and natural gas properties around the deep water as well as the deep shelf regions. W&T continues to explore the conventional shelf as well.
W&T Offshore, Inc.(NYSE:WTI) reserves are known to operate over 46% as producing reserves, while 19% were non-producing and over 35% are undeveloped. The overall product-based verticals for the company are- oil reserves in the range of 44%, natural gas liquids in the range of 15% and Natural Gas reserves of 41$.
W&T Offshore has also received the backing of other equities research analysts such as Goldman Sachs Group Inc. The stock is set at neutral by this analyst. Then, there are others, such as Capital One Financial Corp, which moved W&T Offshore Inc to equal weight rating from earlier Underweight rating. Zack’s also moved the rating from Underperform to Neutral rating, with the Price Target fixed at $14.70. Therefore, the consensus for W&T Offshore, Inc.(NYSE:WTI) rating, indicates Hold and the average Target price at $18.04.
W&T Offshore properties include Spraberry Field, also called Yellow Rose properties, located at the Permian Basin in West Texas. The other famous field is the Ship Shoal 349 Field, Viosca Knoll 783 Field, Fairway Field, and Main Pass 108 Field as well as the Brazos A-133 Field, off Corpus Christi in Texas.