W&T Offshore (NYSE:WTI) Trading Up 9.2% – Time to Buy?

W&T Offshore, Inc. (NYSE:WTI)’s stock price rose 9.2% during trading on Tuesday . The stock traded as high as $3.35 and last traded at $3.3750. 2,513,310 shares traded hands during trading, a decline of 60% from the average session volume of 6,253,006 shares. The stock had previously closed at $3.09.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on WTI shares. William Blair assumed coverage on W&T Offshore in a research note on Friday, April 17th. They issued an “outperform” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of W&T Offshore in a research report on Monday, April 20th. Finally, Wall Street Zen lowered shares of W&T Offshore from a “buy” rating to a “hold” rating in a report on Saturday, July 4th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, W&T Offshore has a consensus rating of “Hold”.

W&T Offshore Stock Performance

The firm has a fifty day moving average of $3.81 and a 200-day moving average of $2.98. The stock has a market capitalization of $511.95 million, a price-to-earnings ratio of -3.63 and a beta of 0.24.

W&T Offshore Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 21st were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Thursday, May 21st. W&T Offshore’s dividend payout ratio (DPR) is presently -4.21%.

Hedge Funds Weigh In On W&T Offshore

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC grew its position in W&T Offshore by 309.7% in the first quarter. AQR Capital Management LLC now owns 120,911 shares of the oil and gas company’s stock valued at $187,000 after acquiring an additional 91,400 shares in the last quarter. Millennium Management LLC lifted 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 purchasing an additional 598,614 shares in the last quarter. Jane Street Group LLC lifted its position in shares of W&T Offshore by 826.2% during the first quarter. Jane Street Group LLC now owns 324,807 shares of the oil and gas company’s stock worth $503,000 after purchasing an additional 289,739 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of W&T Offshore by 2.3% in the second quarter. Geode Capital Management LLC now owns 2,341,646 shares of the oil and gas company’s stock valued at $3,864,000 after purchasing an additional 52,982 shares during the period. Finally, Creative Planning boosted its stake in shares of W&T Offshore by 42.3% in the second quarter. Creative Planning now owns 42,885 shares of the oil and gas company’s stock valued at $71,000 after purchasing an additional 12,749 shares during the period. 42.88% of the stock is owned by institutional investors and hedge funds.

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.