Algert Global LLC Increases Stock Position in W&T Offshore, Inc. $WTI

Key Points

• Algert Global increased its W&T Offshore stake by 185.8% in the second quarter, acquiring 1,033,167 additional shares to hold 1.59 million shares worth approximately $5.0 million.
• Institutional ownership stands at 42.88%, with several funds initiating new positions, including Nierenberg Investment Management, which purchased a stake valued at about $42.7 million.
• Analysts have a consensus “Hold” rating and an average price target of $4.25. W&T Offshore reported quarterly EPS of $0.02, below the $0.04 estimate, while revenue of $162.6 million exceeded expectations.

Algert Global LLC boosted its holdings in W&T Offshore, Inc. (NYSE:WTI - Free Report) by 185.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,589,137 shares of the oil and gas company's stock after acquiring an additional 1,033,167 shares during the quarter. Algert Global LLC owned 1.05% of W&T Offshore worth $5,006,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capricorn Fund Managers Ltd purchased a new stake in shares of W&T Offshore during the 1st quarter valued at about $34,000. Nierenberg Investment Management Company LLC purchased a new stake in shares of W&T Offshore during the 2nd quarter valued at about $42,698,000. Callan Family Office LLC purchased a new stake in shares of W&T Offshore during the 2nd quarter valued at about $47,000. Simplicity Wealth LLC bought a new position in shares of W&T Offshore in the 2nd quarter worth approximately $51,000. Finally, StoneX Group Inc. bought a new position in shares of W&T Offshore in the 4th quarter worth approximately $28,000. 42.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

WTI has been the topic of a number of recent research reports. Roth Capital set a $4.25 target price on W&T Offshore in a report on Tuesday, July 21st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of W&T Offshore in a research note on Friday, July 17th. 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $4.25.

W&T Offshore Stock Performance

WTI opened at $3.67 on Friday. The stock has a market capitalization of $553.21 million, a price-to-earnings ratio of -5.02 and a beta of 0.24. The company has a fifty day moving average of $3.48 and a 200 day moving average of $3.42. W&T Offshore, Inc. has a fifty-two week low of $1.50 and a fifty-two week high of $5.08.

W&T Offshore (NYSE:WTI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $162.62 million for the quarter, compared to analyst estimates of $157.46 million. On average, equities research analysts forecast that W&T Offshore, Inc. will post -0.09 earnings per share for the current year.

W&T Offshore Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 19th were paid a $0.01 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.04 dividend on an annualized basis and a yield of 1.1%. W&T Offshore's payout ratio is presently -5.48%.

About W&T Offshore

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.

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