W&T Offshore (NYSE:WTI) Shares Gap Up to $6.28

W&T Offshore, Inc. (NYSE:WTIGet Rating) shares gapped up prior to trading on Wednesday . The stock had previously closed at $6.28, but opened at $6.53. W&T Offshore shares last traded at $6.26, with a volume of 25,494 shares trading hands.

Analyst Ratings Changes

Several research firms have commented on WTI. StockNews.com raised shares of W&T Offshore from a “hold” rating to a “buy” rating in a research note on Tuesday, August 9th. Stifel Nicolaus lifted their price target on shares of W&T Offshore to $8.40 and gave the company a “buy” rating in a report on Wednesday, July 27th.

W&T Offshore Stock Performance

The firm has a 50-day moving average price of $5.76 and a 200-day moving average price of $5.40. The stock has a market cap of $815.98 million, a PE ratio of 6.33 and a beta of 2.15.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Triasima Portfolio Management inc. bought a new position in shares of W&T Offshore during the 2nd quarter valued at approximately $31,000. Point72 Hong Kong Ltd bought a new position in W&T Offshore in the 1st quarter worth approximately $33,000. Walleye Capital LLC bought a new position in W&T Offshore in the 2nd quarter worth approximately $43,000. Aaron Wealth Advisors LLC bought a new position in W&T Offshore in the 1st quarter worth approximately $2,980,000. Finally, AE Wealth Management LLC bought a new position in W&T Offshore in the 2nd quarter worth approximately $50,000. 51.06% of the stock is currently owned by institutional investors.

About W&T Offshore

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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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