W&T Offshore (NYSE:WTI) Stock Crosses Above 200 Day Moving Average – Here’s Why

W&T Offshore, Inc. (NYSE:WTI) shares crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $1.89 and traded as high as $2.37. W&T Offshore shares last traded at $2.2450, with a volume of 2,587,817 shares.

Analyst Upgrades and Downgrades

WTI has been the subject of a number of recent research reports. Zacks Research upgraded shares of W&T Offshore from a “hold” rating to a “strong-buy” rating in a report on Monday, January 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

W&T Offshore Trading Down 4.1%

The firm’s fifty day moving average price is $1.88 and its 200-day moving average price is $1.89. The company has a market cap of $334.01 million, a P/E ratio of -2.27 and a beta of 0.35.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. UBS Group AG boosted its stake in W&T Offshore by 381.1% during the fourth quarter. UBS Group AG now owns 2,400,024 shares of the oil and gas company’s stock worth $3,912,000 after buying an additional 1,901,213 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of W&T Offshore by 115.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,666,494 shares of the oil and gas company’s stock worth $2,716,000 after acquiring an additional 894,221 shares during the period. Millennium Management LLC boosted its position in shares of W&T Offshore by 33.9% during the 3rd quarter. Millennium Management LLC now owns 2,560,561 shares of the oil and gas company’s stock valued at $4,660,000 after acquiring an additional 647,596 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in W&T Offshore by 25.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,540,588 shares of the oil and gas company’s stock valued at $4,141,000 after acquiring an additional 508,050 shares during the period. Finally, First Trust Advisors LP bought a new stake in W&T Offshore in the third quarter valued at about $853,000. 42.88% of the stock is owned by institutional investors.

About W&T Offshore

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.