W&T Offshore (NYSE:WTI) Stock Rating Upgraded by Zacks Research

W&T Offshore (NYSE:WTI) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday, Zacks reports.

A number of other equities research analysts have also recently issued reports on WTI. Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a research note on Thursday, October 15th. Roth Capital set a $4.25 price objective on shares of W&T Offshore in a report on Tuesday, July 21st. Finally, Wall Street Zen upgraded shares of W&T Offshore from a “hold” rating to a “buy” rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.25.

W&T Offshore Price Performance

Shares of WTI opened at $3.54 on Monday. W&T Offshore has a 1 year low of $1.50 and a 1 year high of $5.08. The stock’s fifty day moving average price is $3.81 and its two-hundred day moving average price is $3.41. The firm has a market cap of $547.57 million, a PE ratio of -10.40 and a beta of 0.30.

W&T Offshore (NYSE:WTI) last posted its quarterly earnings results on Thursday, October 29th. The oil and gas company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.07. The firm had revenue of $167.08 million for the quarter, compared to the consensus estimate of $144.97 million. Sell-side analysts anticipate that W&T Offshore will post -0.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. StoneX Group Inc. purchased a new position in W&T Offshore during the 3rd quarter valued at about $61,000. State of Wyoming lifted its holdings in shares of W&T Offshore by 62.1% in the third quarter. State of Wyoming now owns 121,443 shares of the oil and gas company’s stock worth $434,000 after buying an additional 46,545 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of W&T Offshore by 12.4% in the second quarter. The Manufacturers Life Insurance Company now owns 28,642 shares of the oil and gas company’s stock worth $90,000 after buying an additional 3,159 shares in the last quarter. Engineers Gate Manager LP lifted its holdings in shares of W&T Offshore by 143.4% in the second quarter. Engineers Gate Manager LP now owns 300,035 shares of the oil and gas company’s stock worth $945,000 after buying an additional 176,751 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of W&T Offshore in the second quarter worth about $2,008,000. Institutional investors own 42.88% of the company’s stock.

About W&T Offshore

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.