BlackRock Fund Advisors recently announced the acquisition of new stake in W & T Offshore Inc (NYSE:WTI). The institutional investor has increased its shareholding in the Energy company by 5.67% to 6.49 million shares with purchase of 0.35 million shares. This fresh investment now brings its stake to 4.43% valued currently at $26.92 million. In addition, Huber Capital Management LLC raised its holdings by 0.88 million to 3.12 million shares. And Dimensional Fund Advisors LP has lifted its position by 1.80% or 45506.0 shares – to 2.58 million shares.
With over 4.39 million W & T Offshore Inc (WTI) shares trading Tuesday and a closing price of $2.94 on the day, the dollar volume was approximately $12.9 million. The shares have shown a negative half year performance of -27.59% and its price on 12/12/23 lost nearly -4.23%. Currently, there are 146.13M common shares owned by the public and among those 97.05M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for WTI have a consensus price objective of $9.55. The analysts have set the share’s price value over the next 12 months at a high of $11.50 and a low of $7.60. The average price target is 69.21% above its recent price level and an upside to the estimated low will see the stock gain 61.32% over that period. But an upside of 74.43% will see the stock hit the forecast high price target while median target price for the stock is $9.55.
Insiders at the company have transacted a total of 24 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 12 of these insider trades were purchases, accounting for 309,661 shares. Insider sales of the common stock occurred on 12 occasions, with total insider shares sold totaling 101,614 shares.
The top 3 mutual fund holders in W & T Offshore Inc are SPDR S&P Oil & Gas Exploration &, Vanguard Total Stock Market ETF, and iShares Russell 2000 ETF. SPDR S&P Oil & Gas Exploration & owns 3.41 million shares of the company’s stock, all valued at over $14.15 million. The company sold -0.15 million shares recently to bring their total holdings to about 2.33% of the shares outstanding. iShares Russell 2000 ETF sold 23010.0 shares to bring its total holdings to over 2.29 million shares at a value of $9.51 million. iShares Russell 2000 ETF now owns shares totaling to 1.57% of the shares outstanding.
Shares of W & T Offshore Inc (NYSE: WTI) opened at $3.02, down -$0.05 from a prior closing price of $3.07. However, the script later moved the day high at 3.0450, down -4.23%. The company’s stock has a 5-day price change of -8.41% and -27.94% over the past three months. WTI shares are trading -47.31% year to date (YTD), with the 12-month market performance down to -45.96% lower. It has a 12-month low price of $3.05 and touched a high of $6.68 over the same period. WTI has an average intraday trading volume of 2.59 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -14.26%, -22.63%, and -30.66% respectively.
Institutional ownership of W & T Offshore Inc (NYSE: WTI) shares accounts for 42.49% of the company’s 146.13M shares outstanding. Mutual fund holders own 21.49%, while other institutional holders and individual stakeholders account for 35.78% and 21.05% respectively.
It has a market capitalization of $430.92M and a beta (3y monthly) value of 1.64. The stock’s trailing 12-month PE ratio is 7.03, while the earnings-per-share (ttm) stands at $0.42. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.24% over the week and 4.17% over the month.
Analysts forecast that W & T Offshore Inc (WTI) will achieve an EPS of $0.04 for the current quarter, $0.05 for the next quarter and $0.2 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0.08. Comparatively, EPS for the current quarter was $0.3 a year ago. Earnings per share for the fiscal year are expected to decrease by -100.26%, and 4166.66% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate W & T Offshore Inc (WTI) as a “Strong Buy” at a consensus score of 1.00. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 0 of the 2 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the WTI, a number of firms have released research notes about the stock. Stifel stated their Buy rating for the stock in a research note on October 25, 2022, with the firm’s price target at $9.10.
