W&T Offshore (NYSE:WTI) Reaches New 52-Week High – Here’s Why

W&T Offshore, Inc. (NYSE:WTI)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $4.57 and last traded at $4.4420, with a volume of 1440393 shares traded. The stock had previously closed at $4.40.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. William Blair assumed coverage on shares of W&T Offshore in a research note on Friday, April 17th. They issued an “outperform” rating for the company. Wall Street Zen upgraded shares of W&T Offshore from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Zacks Research lowered shares of W&T Offshore from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a research note on Monday, April 20th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, W&T Offshore presently has a consensus rating of “Hold”.

W&T Offshore Stock Up 6.6%

The firm’s 50 day simple moving average is $3.40 and its two-hundred day simple moving average is $2.48. The stock has a market cap of $705.95 million, a P/E ratio of -4.99 and a beta of 0.29.

W&T Offshore (NYSE:WTI) last released its earnings results on Thursday, May 7th. The oil and gas company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.17). The business had revenue of $150.02 million for the quarter, compared to analysts’ expectations of $138.41 million. As a group, equities analysts predict that W&T Offshore, Inc. will post -0.11 EPS for the current year.

W&T Offshore Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 28th. Stockholders of record on Thursday, May 21st will be given a dividend of $0.01 per share. The ex-dividend date is Thursday, May 21st. This represents a $0.04 annualized dividend and a dividend yield of 0.8%. W&T Offshore’s dividend payout ratio is currently -4.21%.

Hedge Funds Weigh In On W&T Offshore

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of W&T Offshore by 0.3% during the third quarter. Vanguard Group Inc. now owns 6,828,361 shares of the oil and gas company’s stock worth $12,428,000 after acquiring an additional 19,283 shares during the last quarter. Millennium Management LLC grew its position in shares of W&T Offshore by 24.2% during the first quarter. Millennium Management LLC now owns 3,071,610 shares of the oil and gas company’s stock worth $4,761,000 after acquiring an additional 598,614 shares during the last quarter. State Street Corp grew its position in shares of W&T Offshore by 0.5% during the fourth quarter. State Street Corp now owns 2,680,643 shares of the oil and gas company’s stock worth $4,369,000 after acquiring an additional 14,426 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of W&T Offshore by 25.0% during the fourth 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 acquiring an additional 508,050 shares during the last quarter. Finally, UBS Group AG grew its position in shares of W&T Offshore by 381.1% during the fourth quarter. UBS Group AG now owns 2,400,024 shares of the oil and gas company’s stock worth $3,912,000 after acquiring an additional 1,901,213 shares during the last quarter. Institutional investors own 42.88% of the company’s stock.

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.