W&T Offshore (NYSE:WTI) Upgraded at Wall Street Zen

Key Points

• W&T Offshore has been upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, reflecting a positive change in investor outlook.
• The company's stock price opened at $1.7950 and has seen a 4.4% increase recently, despite reporting a loss of ($0.08) earnings per share in its last earnings release.
• Institutional investors now own 42.88% of the company's stock, with significant stakes being acquired in recent quarters, indicating growing interest in W&T Offshore.

W&T Offshore (NYSE:WTI - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Friday.

W&T Offshore Trading Down 0.8%

Shares of NYSE WTI traded down $0.02 during mid-day trading on Friday, reaching $1.80. The company had a trading volume of 818,605 shares, compared to its average volume of 1,139,291. The business's 50-day moving average is $1.76 and its 200-day moving average is $1.59. The stock has a market cap of $266.27 million, a price-to-earnings ratio of -2.36 and a beta of 0.70. W&T Offshore has a 52 week low of $1.09 and a 52 week high of $2.84.

W&T Offshore (NYSE:WTI - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The oil and gas company reported ($0.08) EPS for the quarter, topping analysts' consensus estimates of ($0.14) by $0.06. The company had revenue of $122.37 million during the quarter, compared to the consensus estimate of $131.30 million. As a group, equities research analysts forecast that W&T Offshore will post -0.45 earnings per share for the current year.

Institutional Trading of W&T Offshore

Hedge funds have recently added to or reduced their stakes in the business. Oxford Asset Management LLP purchased a new stake in W&T Offshore in the second quarter worth about $29,000. Raymond James Financial Inc. purchased a new stake in W&T Offshore in the fourth quarter worth about $32,000. Ethic Inc. purchased a new stake in W&T Offshore in the fourth quarter worth about $36,000. Boothbay Fund Management LLC purchased a new stake in W&T Offshore in the fourth quarter worth about $41,000. Finally, EverSource Wealth Advisors LLC lifted its stake in W&T Offshore by 9,792.4% in the second quarter. EverSource Wealth Advisors LLC now owns 27,303 shares of the oil and gas company's stock worth $45,000 after acquiring an additional 27,027 shares during the period. 42.88% of the stock is owned by hedge funds and other institutional investors.

W&T Offshore Company Profile

W&T Offshore, Inc engages in the production, exploration, development, and acquisition of oil and natural gas properties. It focuses its operations in the Gulf of Mexico. The company was founded by Tracy W. Krohn in 1983 and is headquartered in Houston, TX.