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
So what: Earlier this week, higher oil prices were driving shares higher, but this time an analyst is driving the move by upgrading shares. Global Hunter Securities upgraded W&T Offshore from accumulate to buy, which sounds very similar to me, but has investors hitting the buy button today.
Now what: Oil is actually down slightly today so the move is a welcome sight in the industry. Shares are currently trading with a 10.7 trailing P/E ratio and an eight forward P/E ratio, so I think there’s still some upside potential here.
I’m going so far as to give W&T a green thumb on My CAPS page on the belief that oil prices will continue to rise and shares are providing investors with an attractive value.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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