W&T Offshore (NYSE:WTI) Raised to Buy at StockNews.com

StockNews.com upgraded shares of W&T Offshore (NYSE:WTIGet Rating) from a hold rating to a buy rating in a report issued on Monday.

Separately, Roth Capital reissued a buy rating on shares of W&T Offshore in a report on Tuesday, March 1st.

Shares of WTI stock opened at $4.63 on Monday. The stock has a market cap of $662.15 million, a price-to-earnings ratio of -14.94 and a beta of 2.19. The business’s fifty day moving average is $5.98 and its 200 day moving average is $4.80. W&T Offshore has a twelve month low of $2.64 and a twelve month high of $9.01.

W&T Offshore (NYSE:WTIGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The oil and gas company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.03. The company had revenue of $191.00 million for the quarter, compared to analysts’ expectations of $159.49 million. W&T Offshore had a negative return on equity of 18.05% and a negative net margin of 6.93%. The firm’s revenue for the quarter was up 52.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.11 earnings per share. As a group, equities research analysts predict that W&T Offshore will post 1.56 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in WTI. State Street Corp boosted its holdings in W&T Offshore by 259.2% in the first quarter. State Street Corp now owns 6,832,066 shares of the oil and gas company’s stock worth $26,098,000 after acquiring an additional 4,929,977 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in W&T Offshore in the fourth quarter worth $6,849,000. Acadian Asset Management LLC bought a new position in shares of W&T Offshore during the fourth quarter valued at $5,616,000. Renaissance Technologies LLC lifted its holdings in shares of W&T Offshore by 3,996.9% during the first quarter. Renaissance Technologies LLC now owns 1,217,076 shares of the oil and gas company’s stock valued at $4,649,000 after purchasing an additional 1,187,369 shares in the last quarter. Finally, HighTower Advisors LLC bought a new position in shares of W&T Offshore during the first quarter valued at $3,485,000. 36.85% of the stock is currently owned by institutional investors and hedge funds.

About W&T Offshore (Get Rating)

W&T Offshore, Inc, an independent oil and natural gas producer, engages in the acquisition, exploration, and development of oil and natural gas properties in the Gulf of Mexico. The company sells crude oil, natural gas liquids, and natural gas. As of December 31, 2021, the company had working interests in 43 fields in federal and state waters; and under lease approximately 606,000 gross acres, including approximately 419,000 gross acres on the Gulf of Mexico Shelf, as well as approximately 187,000 gross acres in the Gulf of Mexico deepwater.

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