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

Shares of W&T Offshore, Inc. (NYSE:WTIGet Rating) gapped up before the market opened 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.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on WTI shares. Stifel Nicolaus boosted their target price on W&T Offshore to $8.40 and gave the stock a “buy” rating in a report on Wednesday, July 27th. StockNews.com raised W&T Offshore from a “hold” rating to a “buy” rating in a report on Tuesday, August 9th.

W&T Offshore Price Performance

The stock has a market capitalization of $815.98 million, a P/E ratio of 6.33 and a beta of 2.15. The firm has a 50-day simple moving average of $5.76 and a 200 day simple moving average of $5.40.

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

Institutional Investors Weigh In On W&T Offshore

Several large investors have recently added to or reduced their stakes in the business. State Street Corp grew its stake in W&T Offshore by 44.0% in the second quarter. State Street Corp now owns 9,841,304 shares of the oil and gas company’s stock valued at $42,514,000 after acquiring an additional 3,009,238 shares during the period. Vanguard Group Inc. boosted its position in shares of W&T Offshore by 7.5% during the first quarter. Vanguard Group Inc. now owns 6,191,609 shares of the oil and gas company’s stock valued at $23,653,000 after buying an additional 429,419 shares during the last quarter. LSV Asset Management boosted its position in shares of W&T Offshore by 4.2% during the first quarter. LSV Asset Management now owns 3,360,551 shares of the oil and gas company’s stock valued at $12,837,000 after buying an additional 135,500 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of 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 valued at $11,811,000 after buying an additional 1,516,957 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of W&T Offshore by 5.3% during the first quarter. Acadian Asset Management LLC now owns 1,831,951 shares of the oil and gas company’s stock valued at $6,996,000 after buying an additional 92,782 shares during the last quarter. Institutional investors and hedge funds own 51.06% of the company’s stock.

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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