W&T Offshore (NYSE:WTI) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded W&T Offshore from “hold” to “strong buy.” Wall Street Zen also raised its rating to “buy,” while the overall analyst consensus is “Moderate Buy” with a $4.25 average price target.
• W&T Offshore reported quarterly earnings of $0.01 per share, beating the consensus estimate of a $0.06 loss; revenue of $167.08 million also exceeded expectations of $144.97 million.
• The stock opened at $3.54 and has traded between $1.50 and $5.08 over the past 52 weeks. Institutional investors own 42.88% of the company’s shares.

W&T Offshore (NYSE:WTI - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Monday, Zacks reports.

Several other equities analysts have also recently commented on WTI. Wall Street Zen raised shares of W&T Offshore from a "hold" rating to a "buy" rating in a research report on Saturday. Weiss Ratings restated a "sell (d-)" rating on shares of W&T Offshore in a research note on Thursday, October 15th. Finally, Roth Capital set a $4.25 target price on W&T Offshore in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, W&T Offshore currently has a consensus rating of "Moderate Buy" and an average price target of $4.25.

W&T Offshore Price Performance

WTI opened at $3.54 on Monday. The company's 50-day moving average is $3.81 and its 200 day moving average is $3.41. W&T Offshore has a fifty-two week low of $1.50 and a fifty-two week high of $5.08. The firm has a market capitalization of $547.57 million, a P/E ratio of -10.40 and a beta of 0.30.

W&T Offshore (NYSE:WTI - Get Free Report) last released 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 analysts' expectations of $144.97 million. On average, equities research analysts expect that W&T Offshore will post -0.05 earnings per share for the current year.

Institutional Trading of W&T Offshore

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

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.

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