BlackRock Inc. Acquires New Position in W&T Offshore, Inc. $WTI

Key Points

• BlackRock acquired 8.27 million W&T Offshore shares in the second quarter, worth approximately $26.1 million and representing a 5.56% stake. Institutional investors collectively own 42.88% of the company.
• W&T Offshore reported quarterly revenue of $162.6 million, exceeding expectations, but earnings of $0.02 per share missed the $0.04 consensus estimate. Analysts project a full-year loss of $0.09 per share.
• The stock was trading at $3.85, while analyst sentiment remained mixed, resulting in an overall “Hold” rating and a consensus price target of $4.25. The company also pays a quarterly dividend of $0.01 per share.

BlackRock Inc. acquired a new stake in W&T Offshore, Inc. (NYSE:WTI - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 8,274,705 shares of the oil and gas company's stock, valued at approximately $26,065,000. BlackRock Inc. owned 5.56% of W&T Offshore as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Deutsche Bank AG acquired a new stake in shares of W&T Offshore during the 2nd quarter valued at $740,000. Simplicity Wealth LLC purchased a new stake in shares of W&T Offshore during the second quarter worth $51,000. Bank of New York Mellon Corp acquired a new stake in W&T Offshore during the second quarter valued at $3,592,000. State of Wyoming acquired a new stake in W&T Offshore during the second quarter valued at $236,000. Finally, GSA Capital Partners LLP purchased a new position in W&T Offshore in the second quarter valued at about $173,000. Hedge funds and other institutional investors own 42.88% of the company's stock.

W&T Offshore Trading Down 0.1%

WTI stock opened at $3.85 on Thursday. The firm has a market cap of $580.38 million, a PE ratio of -5.27 and a beta of 0.28. W&T Offshore, Inc. has a 1 year low of $1.50 and a 1 year high of $5.08. The company has a fifty day simple moving average of $3.52 and a 200 day simple moving average of $3.46.

W&T Offshore (NYSE:WTI - Get Free Report) last posted its 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 analysts' expectations of $157.46 million. As a group, analysts forecast that W&T Offshore, Inc. will post -0.09 EPS for the current fiscal year.

W&T Offshore Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 19th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Wednesday, August 19th. W&T Offshore's dividend payout ratio is -5.48%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on WTI. Roth Capital set a $4.25 price target on W&T Offshore in a report on Tuesday, July 21st. Wall Street Zen downgraded W&T Offshore from a "buy" rating to a "hold" rating in a report on Saturday, July 4th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of W&T Offshore in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $4.25.

W&T Offshore 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.

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