W&T Offshore (NYSE:WTI) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of W&T Offshore (NYSE:WTI) from a hold rating to a strong-buy rating in a report issued on Monday morning,Zacks reports.

Other research analysts have also issued reports about the company. Roth Capital set a $4.25 price target on W&T Offshore in a research report on Tuesday, July 21st. Wall Street Zen raised W&T Offshore from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a research note on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $4.25.

W&T Offshore Stock Down 1.5%

Shares of WTI stock opened at $3.54 on Monday. The firm has a market cap of $547.57 million, a price-to-earnings ratio of -10.40 and a beta of 0.30. The company’s 50 day moving average is $3.81 and its 200 day moving average is $3.41. W&T Offshore has a 52-week low of $1.50 and a 52-week high of $5.08.

W&T Offshore (NYSE:WTI) last issued its quarterly earnings data on Thursday, October 29th. The oil and gas company reported $0.01 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. The business had revenue of $167.08 million during the quarter, compared to the consensus estimate of $144.97 million. Analysts anticipate that W&T Offshore will post -0.05 EPS for the current fiscal year.

W&T Offshore Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Thursday, November 12th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Thursday, November 12th. W&T Offshore’s dividend payout ratio is currently -11.76%.

Institutional Investors Weigh In On W&T Offshore

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in W&T Offshore during the 2nd quarter worth approximately $26,065,000. Algert Global LLC lifted its position in W&T Offshore by 185.8% during the 2nd quarter. Algert Global LLC now owns 1,589,137 shares of the oil and gas company’s stock worth $5,006,000 after acquiring an additional 1,033,167 shares during the period. Bank of New York Mellon Corp raised its stake in shares of W&T Offshore by 10.4% in the first quarter. Bank of New York Mellon Corp now owns 1,137,443 shares of the oil and gas company’s stock worth $3,879,000 after purchasing an additional 106,779 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of W&T Offshore in the second quarter worth about $3,353,000. Finally, Bank of America Corp DE lifted its holdings in shares of W&T Offshore by 4.2% during the first quarter. Bank of America Corp DE now owns 649,490 shares of the oil and gas company’s stock worth $2,215,000 after purchasing an additional 26,262 shares during the period. 42.88% of the stock is currently owned by hedge funds and other institutional investors.

W&T Offshore Company Profile

W&T Offshore, Inc is an independent oil and natural gas exploration and production company focused on the U.S. Gulf of Mexico. The company explores for, develops, and produces crude oil, natural gas, and natural gas liquids from offshore properties.

W&T Offshore’s operations have included assets in the federal and state waters of the Gulf of Mexico, spanning shelf and deepwater areas. Its activities include acquiring exploration and production interests, drilling and completing wells, and managing offshore production and related infrastructure.

Founded in 1983 by Tracy W.