W&T Offshore (NYSE:WTI) Raised to “Strong-Buy” at Zacks Research

W&T Offshore (NYSE:WTI) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday, Zacks reports.

Several other equities analysts have also issued reports on the company. Roth Capital set a $4.25 price target on W&T Offshore in a research note on Tuesday, July 21st. Wall Street Zen upgraded W&T Offshore from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of W&T Offshore in a research note on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, W&T Offshore presently has an average rating of “Moderate Buy” and a consensus target price of $4.25.

W&T Offshore Trading Down 1.5%

NYSE WTI opened at $3.54 on Monday. The firm has a market capitalization of $547.57 million, a price-to-earnings ratio of -10.40 and a beta of 0.30. The firm’s 50 day simple moving average is $3.81 and its 200 day simple moving average is $3.41. W&T Offshore has a 1 year low of $1.50 and a 1 year high of $5.08.

W&T Offshore (NYSE:WTI) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $144.97 million. On average, equities research analysts forecast that W&T Offshore will post -0.05 earnings per share for the current year.

Hedge Funds Weigh In On W&T Offshore

Several institutional investors and hedge funds have recently added to or reduced their stakes in WTI. BlackRock Inc. bought a new stake in shares of W&T Offshore during the second quarter worth $26,065,000. Bank of New York Mellon Corp acquired a new position in shares of W&T Offshore during the second quarter worth $3,592,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of W&T Offshore during the second quarter worth $3,353,000. Algert Global LLC increased its holdings in shares of W&T Offshore by 185.8% during the second quarter. Algert Global LLC now owns 1,589,137 shares of the oil and gas company’s stock worth $5,006,000 after buying an additional 1,033,167 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of W&T Offshore in the 1st quarter valued at $2,205,000. Institutional investors own 42.88% of the company’s stock.

About W&T Offshore

W&T Offshore, Inc is an independent oil and natural gas exploration and production company focused on the U.S. Gulf of Mexico. The company explores for, develops, and produces crude oil, natural gas, and natural gas liquids from offshore properties.

W&T Offshore’s operations have included assets in the federal and state waters of the Gulf of Mexico, spanning shelf and deepwater areas. Its activities include acquiring exploration and production interests, drilling and completing wells, and managing offshore production and related infrastructure.

Founded in 1983 by Tracy W.