W&T Offshore (NYSE:WTI) Downgraded to “Hold” Rating by Zacks Research

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

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of W&T Offshore in a research report on Wednesday, January 21st. One 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. According to data from MarketBeat, the stock has an average rating of “Hold”.

W&T Offshore Stock Up 3.3%

Shares of NYSE:WTI traded up $0.09 on Thursday, reaching $2.65. The company had a trading volume of 3,805,774 shares, compared to its average volume of 2,860,458. The stock has a market capitalization of $393.52 million, a P/E ratio of -2.67 and a beta of 0.35. The stock has a 50-day moving average price of $2.03 and a 200 day moving average price of $1.94. W&T Offshore has a twelve month low of $1.09 and a twelve month high of $2.78.

Institutional Trading of W&T Offshore

A number of hedge funds have recently modified their holdings of the company. Fisher Asset Management LLC lifted its position in W&T Offshore by 55.7% in the second quarter. Fisher Asset Management LLC now owns 882,842 shares of the oil and gas company’s stock worth $1,457,000 after purchasing an additional 315,901 shares during the period. Ethic Inc. lifted its holdings in shares of W&T Offshore by 99.6% during the 2nd quarter. Ethic Inc. now owns 68,342 shares of the oil and gas company’s stock worth $118,000 after acquiring an additional 34,110 shares during the period. Quantbot Technologies LP acquired a new stake in shares of W&T Offshore during the 2nd quarter valued at about $108,000. EverSource Wealth Advisors LLC increased its stake in W&T Offshore by 9,792.4% in the second quarter. EverSource Wealth Advisors LLC now owns 27,303 shares of the oil and gas company’s stock valued at $45,000 after acquiring an additional 27,027 shares during the period. Finally, Marshall Wace LLP acquired a new position in W&T Offshore in the second quarter worth about $357,000. Institutional investors 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.