UPDATE Global Hunter Securities Upgrades W&T Offshore to Buy

Global Hunter Securities raises its rating on W&T Offshore

to Buy with a price target of $30 as the company looks into more M&A in 2012. Global Hunter Securities says, "W&T Offshore (

) ended 2011 on a high note. Production exceeded our expectations, and when coupled with Gulf of Mexico (

) oil price realizations, led to a nearly doubling of net income versus our estimates. W&T's 2012 capex budget of $425MM is nearly $100MM less than our estimated cash flow for 2012. The difference leaves the company in a unique position amongst the E&P space as it can not only grow production from within cash flows but also produce free cash flow. The growing liquidity should set the stage for the company to continue with its aggressive M&A roots, including more potential activity onshore." WTI closed at $23.19 yesterday.