W&T Offshore (NYSE:WTI) Sets New 12-Month High – Still a Buy?

W&T Offshore, Inc. (NYSE:WTI)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $4.57 and last traded at $4.4420, with a volume of 1440393 shares changing hands. The stock had previously closed at $4.40.

Analyst Ratings Changes

WTI has been the subject of a number of analyst reports. Zacks Research cut W&T Offshore from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a research report on Monday, April 20th. Wall Street Zen upgraded W&T Offshore from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, William Blair initiated coverage on W&T Offshore in a research report on Friday, April 17th. They set an “outperform” rating for the company. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold”.

W&T Offshore Price Performance

The company has a market capitalization of $661.33 million, a PE ratio of -4.68 and a beta of 0.29. The company’s 50 day simple moving average is $3.34 and its 200 day simple moving average is $2.45.

W&T Offshore (NYSE:WTI) last posted its quarterly earnings data on Thursday, May 7th. The oil and gas company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.17). The business had revenue of $150.02 million for the quarter, compared to the consensus estimate of $138.41 million. On average, equities analysts forecast that W&T Offshore, Inc. will post -0.11 EPS for the current year.

W&T Offshore Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 28th. Investors of record on Thursday, May 21st will be paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, May 21st. This represents a $0.04 annualized dividend and a dividend yield of 0.9%. W&T Offshore’s dividend payout ratio is presently -4.21%.

Hedge Funds Weigh In On W&T Offshore

Several institutional investors and hedge funds have recently modified their holdings of WTI. AQR Capital Management LLC lifted its stake in shares of W&T Offshore by 309.7% during the first quarter. AQR Capital Management LLC now owns 120,911 shares of the oil and gas company’s stock valued at $187,000 after buying an additional 91,400 shares during the period. Millennium Management LLC raised its stake in W&T Offshore by 24.2% during the first quarter. Millennium Management LLC now owns 3,071,610 shares of the oil and gas company’s stock worth $4,761,000 after purchasing an additional 598,614 shares during the period. Jane Street Group LLC raised its stake in W&T Offshore by 826.2% during the first quarter. Jane Street Group LLC now owns 324,807 shares of the oil and gas company’s stock worth $503,000 after purchasing an additional 289,739 shares during the period. Geode Capital Management LLC raised its stake in W&T Offshore by 2.3% during the second quarter. Geode Capital Management LLC now owns 2,341,646 shares of the oil and gas company’s stock worth $3,864,000 after purchasing an additional 52,982 shares during the period. Finally, Creative Planning raised its stake in shares of W&T Offshore by 42.3% in the 2nd quarter. Creative Planning now owns 42,885 shares of the oil and gas company’s stock valued at $71,000 after acquiring an additional 12,749 shares during the period. 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.