UPDATE: Jefferies Raising Price Target On W&T Offshore

Jefferies & Co. is out with a research report on W&T Offshore (NYSE: WTI) and is raising its price target to $25 from $23, and it has a Hold rating on shares.

In a note to clients, Jefferies & Co. writes, "WTI is well positioned to expand its onshore transition given its relatively healthy liquidity situation. Current liquidity (available credit line + cash) stands at ~$545 million. We estimate it will increase to over $700 million by the end of 2012 as the company will again underspend cash flows next year. These figures are based on current borrowing base of $538 million, which does not include the recent Permian acquisition. But we think the impact of the Permian acquisition on the borrowing base, while positive, is small since the acquired reserves were primarily undeveloped."

Shares of WTI lost 9 cents yesterday to close at $20.54, a loss of 0.44%.