W&T Offshore (NYSE:WTI) Reaches New 1-Year High – Here’s Why

Shares of W&T Offshore, Inc. (NYSE:WTI) reached a new 52-week high during trading on Tuesday . The stock traded as high as $3.48 and last traded at $3.47, with a volume of 7664724 shares changing hands. The stock had previously closed at $3.00.

Analyst Upgrades and Downgrades

WTI has been the subject of a number of analyst reports. Zacks Research downgraded shares of W&T Offshore from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold”.

W&T Offshore Stock Performance

The company has a market capitalization of $437.41 million, a PE ratio of -2.97 and a beta of 0.26. The company has a 50 day simple moving average of $2.11 and a 200 day simple moving average of $1.97.

Institutional Investors Weigh In On W&T Offshore

A number of institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its position in shares of W&T Offshore by 309.7% during the 1st quarter. AQR Capital Management LLC now owns 120,911 shares of the oil and gas company’s stock worth $187,000 after purchasing an additional 91,400 shares during the period. Millennium Management LLC lifted its holdings in W&T Offshore by 24.2% during the 1st quarter. Millennium Management LLC now owns 3,071,610 shares of the oil and gas company’s stock worth $4,761,000 after buying an additional 598,614 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of W&T Offshore by 826.2% in the 1st quarter. Jane Street Group LLC now owns 324,807 shares of the oil and gas company’s stock valued at $503,000 after acquiring an additional 289,739 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of W&T Offshore by 2.3% during the second quarter. Geode Capital Management LLC now owns 2,341,646 shares of the oil and gas company’s stock worth $3,864,000 after purchasing an additional 52,982 shares during the last quarter. Finally, Creative Planning increased its position in shares of W&T Offshore by 42.3% during the second quarter. Creative Planning now owns 42,885 shares of the oil and gas company’s stock worth $71,000 after purchasing an additional 12,749 shares in the last quarter. 42.88% of the stock is currently owned by institutional investors and hedge funds.

About W&T Offshore

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.