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W&T Offshore +6% as Seaport upgrades to Buy

|About: W&T Offshore, Inc. (WTI)|By:, SA News Editor

W&T Offshore (WTI +5.8%) surges after Seaport Global upgrades shares to Buy from Neutral with a $9 price target, citing an improved oil price outlook and company specific events including an attractively priced acquisition and a transformational joint venture agreement.

Seaport's Mike Kelly says W&T's Gulf of Mexico assets have been revitalized and leverage "drastically" improved, amid an environment of industry-wide capital improvements across the Gulf of Mexico.

W&T announced in April a JV program with Baker Hughes to develop as many as 14 drilling projects in the Gulf of Mexico, a month after acquiring interests in three Gulf blocks offered as part of Cobalt Energy's Chapter 11 proceedings.

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