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

W&T Offshore, Inc. (NYSE:WTI)’s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-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 traded.

Wall Street Analyst Weigh In

Several analysts have commented on WTI shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of W&T Offshore in a research report on Wednesday, January 21st. Zacks Research upgraded W&T Offshore from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 19th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, W&T Offshore has an average rating of “Moderate Buy”.

W&T Offshore Price Performance

The firm has a market cap of $334.01 million, a PE ratio of -2.27 and a beta of 0.35. The stock has a 50 day simple moving average of $1.88 and a 200-day simple moving average of $1.89.

Institutional Investors Weigh In On W&T Offshore

A number of institutional investors have recently made changes to their positions in WTI. AXQ Capital LP bought a new position in W&T Offshore in the 3rd quarter valued at approximately $28,000. HBK Sorce Advisory LLC bought a new stake in shares of W&T Offshore in the third quarter worth approximately $30,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of W&T Offshore during the third quarter valued at approximately $30,000. CWM LLC lifted its position in W&T Offshore by 181.6% during the third 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 during the period. Finally, StoneX Group Inc. purchased a new stake in W&T Offshore in the fourth quarter worth approximately $28,000. Hedge funds and other institutional investors own 42.88% of the company’s stock.

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.