Oil benchmarks are frequently quoted in the media as the price of oil. Though Brent crude and WTI crude are the most popular benchmarks, their prices are often contrasted. The difference in price between Brent and WTI is called the Brent-WTI spread. 1 brokerages have issued 1 year price objectives for W&T Offshore’s shares. On average, they anticipate the company’s stock price to reach $7.90 in the next year.
- 1 brokerages have issued 1 year price objectives for W&T Offshore’s shares.
- Supply has been dwindling as well, and of course there’s tension in the Middle East, so it all lines up for oil perhaps taking off to the upside.
- Furthermore, transporting WTI overseas to Brent crude’s market could come at a cost that would make WTI unable to compete with Brent crude in terms of pricing.
- He is a proprietary trader as well trading institutional accounts.
- The inventory increase recorded by the federal government was lower than the 8.4 million barrel jump reported by the American Petroleum Institute.
- OXY’s top line is seen rising by 3% this year before accelerating to a 10% clip in 2025.
According to the issued ratings of 1 analysts in the last year, the consensus rating for W&T Offshore stock is Buy based on the current 1 buy rating for WTI. The average twelve-month price prediction for W&T Offshore is $7.90 with a high price target of $7.90 and a low price target of $7.90. The US oil market has bounced a bit from the 50 day EMA early on Monday as we continue to see plenty of support right around the $76 level and of course the 50 day EMA.
U.S. Crude Oil Stocks Rise by 4.2 Million Barrels in Week Ended Feb. 23
This suggests a possible upside of 161.6% from the stock’s current price. View analysts price targets for WTI or view top-rated stocks among Wall legacyfx Street analysts. W&T Offshore, Inc. engages in the production, exploration, development, and acquisition of oil and natural gas properties.
Traders should take this into account as the share price often fluctuates around this time period. Goldman, however, views the geopolitical risk premium in oil prices as modest with crude production unaffected by the current conflict. U.S. crude and the global benchmark are poised for a gain of 6.3% for the month. First month futures contracts are trading at premium to later months.
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WTI crude oil continues to meander in the mid-$70s despite ongoing geopolitical tensions in the Middle East. Bearish factors, including weak demand out of China and very strong US production, seem to be powerful factors forex broker rating capping oil’s climb off its low under $70 last December. Couple lackluster price action in the oil market with very depressed natural gas prices, and Energy sector stocks have not performed well thus far in 2024.
He is a proprietary trader as well trading institutional accounts. OPEC+ is considering extending its voluntary production cuts into the second quarter, sources told Reuters. The cartel and its allies agreed last November to slash 2.2 million barrels per day in the first quarter. U.S. commercial crude stocks rose by 4.2 million barrels last week, according to the Energy Information Administration. The inventory increase recorded by the federal government was lower than the 8.4 million barrel jump reported by the American Petroleum Institute.
U.S. oil prices nudge higher, attempting to shake off rise in U.S. crude inventories
With an EV/EBITDA ratio of about one-third of the S&P 500’s, OXY appears as a fundamentally healthy value play. Click the link below and we’ll send you MarketBeat’s list of seven stocks and why their long-term outlooks are very promising. For a look at all of today’s economic events, check out our economic calendar. The Cushing hub delivery system consists of 35 (20 inbound and 15 outbound) pipelines and 16 storage terminals. The hub has 90 million barrels of storage capacity and accounts for 13% of U.S. oil storage.
The company was founded by Tracy W. Krohn in 1983 and is headquartered in Houston, TX. If we assume normalized EPS of $5 per share and apply a 14 multiple, a turn lower from my previous outlook given weaker oil and gas prices, then shares remain a bargain at an intrinsic value of $70. I am also somewhat concerned by softer near-term earnings estimates, so the upcoming May report will be one to watch.
W&T Offshore Announces Accretive Acquisition of Producing Properties in the Gulf of Mexico
This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.32%. The company is scheduled to release its next quarterly earnings announcement on Tuesday, March 5th 2024. Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities.
It has featured relative weakness to the broader market, and March has historically been a weak month for the stock. Sign-up to receive the latest news and ratings for WTI and its competitors with finexo review MarketBeat’s FREE daily newsletter. Upgrade to MarketBeat All Access to add more stocks to your watchlist. W&T Offshore’s stock is owned by a variety of retail and institutional investors.
Both benchmark oils are considered sweet, but WTI is sweeter making it a bit easier to refine. West Texas Intermediate (WTI) crude oil is a specific grade of crude oil and one of the main three benchmarks in oil pricing, along with Brent and Dubai Crude. WTI is known as a light sweet oil because it contains less than 0.50% sulfur (normally about 0.24% to 0.34%), making it „sweet,” and has a low density making it „light.”
1 Wall Street equities research analysts have issued „buy,” „hold,” and „sell” ratings for W&T Offshore in the last year. The consensus among Wall Street equities research analysts is that investors should „buy” WTI shares. W&T Offshore Inc.’s WTI board approved a special dividend of 63 cents a share, marking the second consecutive year the independent oil and natural gas company is making the special payment. PCE data—the Federal Reserve’s favorite inflation gauge—that could shape expectations on interest-rate policy. Since the shale boom in the U.S., which resulted in a production increase of WTI, the price of WTI has gone down and usually trades at a discount to Brent. Brent is also tied to more worldwide oil markets and serves as an international benchmark, meaning that more factors are influencing its price.
Compared to its peers, OXY features a weak valuation grade, but with high earnings growth expected in 2025, we should see a bigger bottom line even if oil prices hang where they are. The growth grade also appears weak, but this year’s 6% EPS decline is expected to be a short-lived pullback. Analysts like W&T Offshore more than other Oils/Energy companies. The consensus rating for W&T Offshore is Buy while the average consensus rating for oils/energy companies is Moderate Buy. As of January 31st, there was short interest totaling 19,170,000 shares, an increase of 9.9% from the January 15th total of 17,450,000 shares. Based on an average daily trading volume, of 2,830,000 shares, the days-to-cover ratio is currently 6.8 days.