NEW YORK (TheStreet) -- Shares of W&T Offshore (WTI - Get Report) are gaining by 12.59% to $3.13 on heavy trading volume Wednesday afternoon, following the release of the company's 2015 fourth quarter results.
After yesterday's closing bell, the Houston-based oil and natural gas producer posted an adjusted loss of 44 cents per share, much narrower than the loss of 83 cents per share that analysts were expecting.
Revenue for the period was $104.1 million, which fell short of Wall Street's estimates of $122.5 million.
"While 2015 was another outstanding year for our operations in the Gulf of Mexico, we continue to further prepare the company to weather this period of extreme low prices," CEO Tracy W. Krohn said in a statement.
Additionally, the stock is getting a lift from higher oil prices today.
Crude oil (WTI) is spiking 4.6% to $38.18 per barrel, and Brent oil is climbing 3.38% to $40.99 per barrel this afternoon, according to the CNBC.com index.
W&T Offshore is engaged in the exploration, development and acquisition of oil and natural gas properties primarily in the Gulf of Mexico and the Permian Basin in West Texas.
About 2.07 million of the company's shares were traded by this afternoon compared to its average volume of 1.61 million shares per day.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of E+ on the stock.
This is based on the combination of unfavorable investment measures, which should drive this stock to significantly underperform the majority of stocks rated.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, weak operating cash flow and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: WTIWTI data by YCharts