W&T Offshore (NYSE:WTI) Stock Rating Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of W&T Offshore (NYSE:WTI) from a buy rating to a hold rating in a research note published on Saturday,Wall Street Zen reports.

WTI has been the subject of several other research reports. Zacks Research upgraded W&T Offshore from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of W&T Offshore in a research report on Thursday, October 15th. Finally, Roth Capital set a $4.25 price target on W&T Offshore in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $4.25.

W&T Offshore Trading Up 1.1%

WTI traded up $0.04 during trading on Friday, hitting $3.35. The stock had a trading volume of 2,575,519 shares, compared to its average volume of 4,718,669. The firm has a market cap of $519.69 million, a PE ratio of -9.87 and a beta of 0.30. W&T Offshore has a 12 month low of $1.50 and a 12 month high of $5.08. The company has a 50 day simple moving average of $3.72 and a 200-day simple moving average of $3.46.

W&T Offshore (NYSE:WTI) last released its quarterly earnings results on Thursday, October 29th. The oil and gas company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.07. The firm had revenue of $167.08 million for the quarter, compared to the consensus estimate of $144.97 million. As a group, sell-side analysts anticipate that W&T Offshore will post -0.05 earnings per share for the current fiscal year.

W&T Offshore Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 12th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, November 12th. W&T Offshore’s dividend payout ratio is -11.76%.

Institutional Investors Weigh In On W&T Offshore

Institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC bought a new stake in shares of W&T Offshore in the 3rd quarter valued at approximately $211,000. State Street Corp raised its holdings in shares of W&T Offshore by 0.5% in the 3rd quarter. State Street Corp now owns 2,525,847 shares of the oil and gas company’s stock worth $9,017,000 after buying an additional 12,124 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of W&T Offshore by 481.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,302,010 shares of the oil and gas company’s stock worth $4,648,000 after buying an additional 1,077,963 shares during the period. R Squared Ltd bought a new position in shares of W&T Offshore during the 3rd quarter worth approximately $78,000. Finally, StoneX Group Inc. bought a new position in shares of W&T Offshore during the 3rd quarter worth approximately $61,000. 42.88% of the stock is owned by institutional investors and hedge funds.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas company focused on exploring for, developing, acquiring and producing energy resources in the Gulf of Mexico. Its operations include offshore properties in both shallow-water and deepwater areas. The company’s production includes crude oil, natural gas and natural gas liquids. W&T Offshore holds interests in offshore leases and related infrastructure, supporting its exploration and production activities. Founded in 1983 by Tracy W. Krohn, the company is headquartered in Houston, Texas.