Zacks Research Downgrades W&T Offshore (NYSE:WTI) to Hold

W&T Offshore (NYSE:WTI) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of W&T Offshore in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

W&T Offshore Trading Up 3.3%

Shares of NYSE:WTI opened at $2.65 on Thursday. W&T Offshore has a 1-year low of $1.09 and a 1-year high of $2.78. The stock has a market capitalization of $393.52 million, a P/E ratio of -2.67 and a beta of 0.35. The business has a 50-day moving average price of $2.03 and a two-hundred day moving average price of $1.94.

Hedge Funds Weigh In On W&T Offshore

Hedge funds and other institutional investors have recently made changes to their positions in the company. AXQ Capital LP bought a new stake in shares of W&T Offshore in the 3rd quarter valued at $28,000. HBK Sorce Advisory LLC acquired a new position in W&T Offshore in the third quarter valued at about $30,000. Wealth Enhancement Advisory Services LLC acquired a new position in W&T Offshore in the third quarter valued at about $30,000. CWM LLC grew its stake in W&T Offshore by 181.6% in the third quarter. CWM LLC now owns 16,908 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 10,904 shares during the period. Finally, StoneX Group Inc. bought a new stake in shares of W&T Offshore in the fourth quarter worth about $28,000. 42.88% of the stock is owned by institutional investors.

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.