W&T Offshore (NYSE:WTI) Reaches New 12-Month High – Here’s Why

W&T Offshore, Inc. (NYSE:WTI)’s share price hit a new 52-week high on Wednesday . The company traded as high as $5.08 and last traded at $4.7250, with a volume of 7295721 shares. The stock had previously closed at $4.91.

Analyst Ratings Changes

A number of analysts recently weighed in on WTI shares. Zacks Research cut shares of W&T Offshore from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of W&T Offshore in a research report on Monday, April 20th. Wall Street Zen cut shares of W&T Offshore from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, William Blair started coverage on shares of W&T Offshore in a research report on Friday, April 17th. They set an “outperform” rating for the company. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

W&T Offshore Stock Performance

The stock has a market cap of $702.99 million, a price-to-earnings ratio of -4.97 and a beta of 0.29. The business’s fifty day simple moving average is $3.47 and its 200 day simple moving average is $2.52.

W&T Offshore (NYSE:WTI) last issued its quarterly earnings data on Thursday, May 7th. The oil and gas company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.17). The business had revenue of $150.02 million for the quarter, compared to analysts’ expectations of $138.41 million. As a group, analysts forecast that W&T Offshore, Inc. will post -0.11 EPS for the current fiscal year.

W&T Offshore Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 28th. Shareholders of record on Thursday, May 21st will be issued a $0.01 dividend. The ex-dividend date is Thursday, May 21st. This represents a $0.04 dividend on an annualized basis and a yield of 0.8%. W&T Offshore’s payout ratio is currently -4.21%.

Hedge Funds Weigh In On W&T Offshore

A number of institutional investors have recently added to or reduced their stakes in WTI. AXQ Capital LP acquired a new position in W&T Offshore in the 3rd quarter worth $28,000. StoneX Group Inc. acquired a new position in W&T Offshore in the 4th quarter worth $28,000. Oxford Asset Management LLP acquired a new position in W&T Offshore in the 2nd quarter worth $29,000. Wealth Enhancement Advisory Services LLC acquired a new position in W&T Offshore in the 3rd quarter worth $30,000. Finally, CWM LLC raised its stake in shares of W&T Offshore by 181.6% in the 3rd quarter. CWM LLC now owns 16,908 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 10,904 shares in the last quarter. Institutional investors and hedge funds own 42.88% of the company’s stock.

W&T Offshore Company 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.