Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 1,064,305 W&T Offshore, Inc. $WTI

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of W&T Offshore, Inc. (NYSE:WTI) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,064,305 shares of the oil and gas company’s stock, valued at approximately $3,353,000.

A number of other institutional investors have also made changes to their positions in the company. StoneX Group Inc. acquired a new stake in W&T Offshore during the 4th quarter valued at $28,000. Oxford Asset Management LLP acquired a new position in W&T Offshore in the 2nd quarter worth $29,000. Dynamic Technology Lab Private Ltd acquired a new position in W&T Offshore in the 3rd quarter worth $32,000. Engineers Gate Manager LP purchased a new position in W&T Offshore in the 4th quarter valued at about $32,000. Finally, Capricorn Fund Managers Ltd purchased a new position in W&T Offshore in the 1st quarter valued at about $34,000. 42.88% of the stock is owned by institutional investors and hedge funds.

W&T Offshore Stock Down 1.6%

Shares of NYSE WTI opened at $3.60 on Friday. The firm’s 50-day moving average price is $3.49 and its two-hundred day moving average price is $3.42. W&T Offshore, Inc. has a 52-week low of $1.50 and a 52-week high of $5.08. The stock has a market capitalization of $543.38 million, a P/E ratio of -4.93 and a beta of 0.24.

W&T Offshore (NYSE:WTI) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). The firm had revenue of $162.62 million during the quarter, compared to the consensus estimate of $157.46 million. As a group, equities research analysts expect that W&T Offshore, Inc. will post -0.09 earnings per share for the current year.

W&T Offshore Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Wednesday, August 19th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Wednesday, August 19th. W&T Offshore’s dividend payout ratio is presently -5.48%.

Wall Street Analysts Forecast Growth

WTI has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of W&T Offshore in a report on Friday, July 17th. Roth Capital set a $4.25 price target on shares of W&T Offshore in a research report on Tuesday, July 21st. Finally, Wall Street Zen lowered shares of W&T Offshore from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $4.25.

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.