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Shares of W&T Offshore (NYSE: WTI) jumped more than 12% by 2:45 p.m. EDT on Wednesday. Fueling the oil stock 's rally was an analyst upgrade.
An analyst at Stifel upgraded W&T Offshore's stock from hold to buy. They also increased their price target on the company from $5.10 per share to $6.90 per share. That implies significant upside potential given that shares traded around $4.50 after today's rally.