William Blair initiated coverage of W&T Offshore with an Outperform rating. The company “takes virtually no operational risk” by focusing on production uplift of existing projects and ramping up acquired fields rather than drilling offshore exploration wells, the analyst tells investors in a research note. The firm believes W&T continues to find accretive acquisitions that add meaningful reserves with minimal capital to maximize production. It projects 40% fair-value upside in the shares. W&T could trade as high as $5 per share, or 74% upside from current levels.
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