W&T Offshore (NYSE:WTI) Stock Price Down 9.3%

W&T Offshore, Inc. (NYSE:WTIGet Rating)’s stock price dropped 9.3% during mid-day trading on Friday . The stock traded as low as $6.54 and last traded at $6.55. Approximately 147,802 shares changed hands during trading, a decline of 96% from the average daily volume of 4,011,538 shares. The stock had previously closed at $7.22.

Wall Street Analysts Forecast Growth

WTI has been the topic of several recent analyst reports. Stifel Nicolaus boosted their target price on shares of W&T Offshore to $8.40 and gave the company a “buy” rating in a research note on Wednesday, July 27th. StockNews.com raised shares of W&T Offshore from a “hold” rating to a “buy” rating in a research note on Tuesday, August 9th.

W&T Offshore Stock Down 8.2 %

The firm has a market capitalization of $949.08 million, a price-to-earnings ratio of 7.37 and a beta of 2.15. The stock’s 50 day moving average price is $5.57 and its two-hundred day moving average price is $5.39.

W&T Offshore (NYSE:WTIGet Rating) last posted its quarterly earnings results on Monday, August 8th. The oil and gas company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.95. W&T Offshore had a net margin of 17.26% and a negative return on equity of 102.77%. The business had revenue of $273.80 million for the quarter, compared to the consensus estimate of $228.22 million. During the same period in the prior year, the business posted $0.02 earnings per share. W&T Offshore’s revenue for the quarter was up 106.2% compared to the same quarter last year.

Hedge Funds Weigh In On W&T Offshore

A number of hedge funds have recently modified their holdings of WTI. State Street Corp increased its position in W&T Offshore by 259.2% during the first quarter. State Street Corp now owns 6,832,066 shares of the oil and gas company’s stock worth $26,098,000 after buying an additional 4,929,977 shares during the last quarter. Renaissance Technologies LLC increased its position in W&T Offshore by 124.6% during the second quarter. Renaissance Technologies LLC now owns 2,734,033 shares of the oil and gas company’s stock worth $11,811,000 after buying an additional 1,516,957 shares during the last quarter. Assenagon Asset Management S.A. increased its position in W&T Offshore by 3,702.2% during the second quarter. Assenagon Asset Management S.A. now owns 1,183,739 shares of the oil and gas company’s stock worth $5,114,000 after buying an additional 1,152,606 shares during the last quarter. HighTower Advisors LLC acquired a new position in W&T Offshore during the first quarter worth $3,485,000. Finally, Qube Research & Technologies Ltd increased its position in W&T Offshore by 536.0% during the first quarter. Qube Research & Technologies Ltd now owns 739,374 shares of the oil and gas company’s stock worth $2,824,000 after buying an additional 623,118 shares during the last quarter. 51.06% of the stock is owned by institutional investors and hedge funds.

W&T Offshore Company Profile

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W&T Offshore, Inc, an independent oil and natural gas producer, engages in the acquisition, exploration, and development of oil and natural gas properties in the Gulf of Mexico. The company sells crude oil, natural gas liquids, and natural gas. As of December 31, 2021, the company had working interests in 43 fields in federal and state waters; and under lease approximately 606,000 gross acres, including approximately 419,000 gross acres on the Gulf of Mexico Shelf, as well as approximately 187,000 gross acres in the Gulf of Mexico deepwater.

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