W&T Offshore (NYSE:WTI) Trading Up 7.2% – Time to Buy?

W&T Offshore, Inc. (NYSE:WTI) was up 7.2% on Wednesday . The company traded as high as $4.07 and last traded at $4.1150. Approximately 647,334 shares were traded during trading, a decline of 90% from the average daily volume of 6,506,383 shares. The stock had previously closed at $3.84.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on WTI. Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a research report on Monday, April 20th. Zacks Research cut W&T Offshore from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. William Blair assumed coverage on W&T Offshore in a research note on Friday, April 17th. They issued an “outperform” rating on the stock. Finally, Wall Street Zen raised W&T Offshore from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold”.

W&T Offshore Stock Up 11.7%

The business has a 50-day moving average price of $3.76 and a 200-day moving average price of $2.74. The company has a market capitalization of $638.41 million, a price-to-earnings ratio of -4.54 and a beta of 0.24.

W&T Offshore (NYSE:WTI) last posted its quarterly earnings data on Monday, March 9th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.08). The business had revenue of $121.71 million during the quarter, compared to analysts’ expectations of $115.36 million. As a group, sell-side analysts predict that W&T Offshore, Inc. will post -0.12 EPS for the current year.

W&T Offshore Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Thursday, May 21st were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Thursday, May 21st. W&T Offshore’s payout ratio is -4.21%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WTI. Vanguard Group Inc. increased its position in W&T Offshore by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,828,361 shares of the oil and gas company’s stock worth $12,428,000 after purchasing an additional 19,283 shares during the last quarter. Millennium Management LLC increased its position in W&T Offshore by 24.2% in the 1st quarter. Millennium Management LLC now owns 3,071,610 shares of the oil and gas company’s stock worth $4,761,000 after purchasing an additional 598,614 shares during the last quarter. State Street Corp increased its position in W&T Offshore by 0.5% in the 4th quarter. State Street Corp now owns 2,680,643 shares of the oil and gas company’s stock worth $4,369,000 after purchasing an additional 14,426 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in W&T Offshore by 25.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,540,588 shares of the oil and gas company’s stock worth $4,141,000 after purchasing an additional 508,050 shares during the last quarter. Finally, UBS Group AG increased its position in W&T Offshore by 381.1% in the 4th quarter. UBS Group AG now owns 2,400,024 shares of the oil and gas company’s stock worth $3,912,000 after purchasing an additional 1,901,213 shares during the last quarter. 42.88% of the stock is owned by hedge funds and other institutional investors.

W&T Offshore Company Profile

W&T Offshore, Inc is an independent oil and gas exploration and production company focused primarily on offshore operations in the Gulf of Mexico. The company acquires, develops and produces crude oil and natural gas reserves, operating a portfolio of producing properties that encompasses both shallow-water and deepwater assets. W&T Offshore leverages its technical expertise and asset management capabilities to optimize field development and production efficiency across its portfolio.

Founded in 1983 and headquartered in Covington, Louisiana, W&T Offshore has built a track record of disciplined growth through strategic acquisitions and targeted exploration activities.