Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of W&T Offshore (NAS: WTI) rose 11% in early trading and closed above 10% as poor weather socked Mexican ports, leaving Gulf of Mexico explorers such as W&T free to charge a premium. Rising oil spot prices also appears to have created a tailwind.
So what: Interestingly, the surge came as Jefferies & Co. cut its earnings per share estimates while maintaining its "hold" rating. Peers McMoRan Exploration (NYS: MMR) and Callon Petroleum (NYS: CPE) also rallied.
Now what: W&T Offshore has been a market beater this year amid volatile oil prices and trades for a perfectly reasonable 9 times earnings. Can the rally continue? I'm asking you. Please weigh in using the comments box below.
Interested in more information about W&T Offshore? Add it to your watchlist.
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