W&T Offshore, Inc. $WTI Shares Newly Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 608,806 W&T Offshore shares in the second quarter, valued at approximately $1.92 million and representing about 0.40% of the company. Institutional investors collectively own 42.88% of W&T Offshore.
• Analyst sentiment is mixed, with one Buy, one Hold, and one Sell rating; the overall consensus is Hold with an average price target of $4.25.
• W&T Offshore reported quarterly EPS of $0.02, below the $0.04 consensus estimate, while revenue of $162.62 million exceeded expectations. The company also declared a $0.01 quarterly dividend, yielding approximately 1.1% annually.

Bank of America Corp DE bought a new position in shares of W&T Offshore, Inc. (NYSE:WTI - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 608,806 shares of the oil and gas company's stock, valued at approximately $1,918,000. Bank of America Corp DE owned approximately 0.40% of W&T Offshore at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WTI. Legal & General Group Plc bought a new position in W&T Offshore in the 2nd quarter worth approximately $28,000. Capricorn Fund Managers Ltd bought a new position in shares of W&T Offshore during the first quarter worth $34,000. Nierenberg Investment Management Company LLC purchased a new position in W&T Offshore during the second quarter valued at $42,698. Callan Family Office LLC purchased a new position in W&T Offshore during the second quarter valued at $47,000. Finally, Simplicity Wealth LLC bought a new stake in W&T Offshore in the 2nd quarter valued at $51,000. Institutional investors own 42.88% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on WTI. Roth Capital set a $4.25 price target on shares of W&T Offshore in a research note on Tuesday, July 21st. Weiss Ratings reiterated a "sell (d-)" rating on shares of W&T Offshore in a research report on Friday, July 17th. Finally, Wall Street Zen lowered W&T Offshore from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $4.25.

W&T Offshore Stock Up 2.4%

WTI opened at $3.58 on Thursday. The business has a fifty day moving average of $3.72 and a 200 day moving average of $3.62. W&T Offshore, Inc. has a 52-week low of $1.50 and a 52-week high of $5.08. The stock has a market cap of $539.61 million, a P/E ratio of -4.90 and a beta of 0.28.

W&T Offshore (NYSE:WTI - Get Free Report) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). The business had revenue of $162.62 million during the quarter, compared to analyst estimates of $157.46 million. Equities analysts anticipate that W&T Offshore, Inc. will post -0.1 EPS for the current fiscal year.

W&T Offshore Dividend Announcement

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

About W&T Offshore

W&T Offshore, Inc is an independent oil and natural gas exploration and production company focused primarily on assets in 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 include interests in producing fields and prospective exploration areas across the Gulf of Mexico, including shallow-water and deepwater assets. Its activities cover the full upstream lifecycle, including geological evaluation, drilling, field development, production, and asset management.

Founded in 1983 by Tracy W.

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