W&T Offshore (NYSE:WTI) Stock 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 Tuesday . The stock has a 200-day moving average of $2.87 and traded as high as $3.41. W&T Offshore shares last traded at $3.32, with a volume of 3,051,306 shares traded.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. William Blair began coverage on shares of W&T Offshore in a research report on Friday, April 17th. They set an “outperform” rating for the company. Wall Street Zen raised W&T Offshore from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. Zacks Research cut W&T Offshore from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of W&T Offshore in a research note on Monday, April 20th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold”.

W&T Offshore Trading Up 1.7%

The firm has a market cap of $473.72 million, a P/E ratio of -3.35 and a beta of 0.24. The business’s fifty day simple moving average is $3.84 and its 200-day simple moving average is $2.88.

W&T Offshore Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 21st were paid a $0.01 dividend. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.04 annualized dividend and a dividend yield of 1.3%. W&T Offshore’s dividend payout ratio (DPR) is presently -4.21%.

Institutional Investors Weigh In On W&T Offshore

Institutional investors and hedge funds have recently bought and sold shares of the business. UBS Group AG increased its stake in shares of 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 valued at $3,912,000 after buying an additional 1,901,213 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of W&T Offshore by 115.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,666,494 shares of the oil and gas company’s stock valued at $2,716,000 after acquiring an additional 894,221 shares in the last quarter. Millennium Management LLC lifted its stake in W&T Offshore by 33.9% in the third quarter. Millennium Management LLC now owns 2,560,561 shares of the oil and gas company’s stock worth $4,660,000 after acquiring an additional 647,596 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in W&T Offshore in the first quarter worth $2,205,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in W&T Offshore by 25.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,540,588 shares of the oil and gas company’s stock valued at $4,141,000 after acquiring an additional 508,050 shares in the last quarter. Hedge funds and other institutional investors own 42.88% of the company’s stock.

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.