W&T Offshore (NYSE:WTI) Cut to Hold at Zacks Research

Zacks Research cut shares of W&T Offshore (NYSE:WTI) from a strong-buy rating to a hold rating in a research report released on Thursday morning,Zacks.com reports.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, W&T Offshore has an average rating of “Hold”.

W&T Offshore Trading Up 3.3%

WTI stock opened at $2.65 on Thursday. W&T Offshore has a 12-month low of $1.09 and a 12-month high of $2.78. The company has a market cap of $393.52 million, a PE ratio of -2.67 and a beta of 0.35. The stock has a 50-day moving average price of $2.03 and a two-hundred day moving average price of $1.94.

Institutional Investors Weigh In On W&T Offshore

Several large investors have recently made changes to their positions in WTI. Fisher Asset Management LLC raised its position in shares of W&T Offshore by 55.7% during the 2nd quarter. Fisher Asset Management LLC now owns 882,842 shares of the oil and gas company’s stock worth $1,457,000 after buying an additional 315,901 shares in the last quarter. Ethic Inc. raised its stake in shares of W&T Offshore by 99.6% in the 2nd quarter. Ethic Inc. now owns 68,342 shares of the oil and gas company’s stock worth $118,000 after buying an additional 34,110 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of W&T Offshore in the second quarter valued at $176,000. AXQ Capital LP bought a new position in W&T Offshore during the third quarter valued at about $28,000. Finally, GSA Capital Partners LLP grew its holdings in W&T Offshore by 416.0% during the third quarter. GSA Capital Partners LLP now owns 180,760 shares of the oil and gas company’s stock worth $329,000 after acquiring an additional 145,729 shares during the period. 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.