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

W&T Offshore, Inc. (NYSE:WTI)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.92 and traded as high as $3.22. W&T Offshore shares last traded at $3.0650, with a volume of 2,143,930 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages recently commented on WTI. William Blair started coverage on shares of W&T Offshore in a research note on Friday, April 17th. They set an “outperform” rating on the stock. Wall Street Zen raised W&T Offshore from a “hold” rating to a “buy” rating in a report on Saturday, May 30th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a research report on Monday, April 20th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, W&T Offshore currently has an average rating of “Hold”.

W&T Offshore Stock Down 0.2%

The business’s fifty day moving average price is $3.86 and its 200 day moving average price is $2.93. The firm has a market capitalization of $458.99 million, a PE ratio of -3.25 and a beta of 0.24.

W&T Offshore Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 21st were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.04 dividend on an annualized basis and a yield of 1.3%. W&T Offshore’s payout ratio is currently -4.21%.

Institutional Investors Weigh In On W&T Offshore

Hedge funds and other institutional investors have recently modified their holdings of the stock. Deprince Race & Zollo Inc. grew its holdings in shares of W&T Offshore by 16.0% in the 4th quarter. Deprince Race & Zollo Inc. now owns 1,502,907 shares of the oil and gas company’s stock worth $2,450,000 after acquiring an additional 206,810 shares during the period. JPMorgan Chase & Co. boosted its position in W&T Offshore by 447.3% during the third quarter. JPMorgan Chase & Co. now owns 257,635 shares of the oil and gas company’s stock worth $469,000 after purchasing an additional 210,564 shares in the last quarter. UBS Group AG boosted its position 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 purchasing an additional 1,901,213 shares in the last quarter. Marshall Wace LLP acquired a new stake in W&T Offshore in the second quarter valued at $357,000. Finally, AQR Capital Management LLC grew its holdings in W&T Offshore by 309.7% in 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 purchasing an additional 91,400 shares during the last quarter. 42.88% of the stock is currently owned by institutional investors and hedge funds.

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.