The stock of W&T Offshore, Inc. (NYSE:WTI) is now priced at $2.53 and the shares are 0.09 points up or 3.69% higher compared to its previous closing price of $2.44. The stock had 3.995 million contracts set over the past session. WTI shares’ daily volume is compared to its average trading volume at 5.826 million shares. However, it has a float of 92.7 million and although its performance was 12.95% over the week, it’s one to watch. Analysts have given the WTI stock a yearly average price target of $3.77 per share. It means the stock’s upside potential is 49.01% with the WTI share price recently placing at $2.432 to $2.6. However, some brokerage firms have priced the stock below the average, including one that has called $2.1.
The shorts are running away from the W&T Offshore, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the WTI shares have declined. Short interest in the stock represents just 15.67% of its float, but the volume has dropped by 0.
In the last trading session, W&T Offshore, Inc. (NYSE:WTI) raised by $0.29 over the week and gained $0.21 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $6.1. The stock recorded its established 52-week high on 01/03/20.
Since 03/18/20, the stock has traded to a low of $1.07 at 136.45%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 3.29. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, W&T Offshore, Inc.’s two-week RSI is 54.11. This suggests that the stock is neutral at the moment and that WTI shares’ price movement remains stable. The stochastic readings are equally revealing at 60.71% meaning the WTI share price is currently in neutral territory.
The technical chart shows that the WTI stock will likely settle at between $2.61 and $2.69 per share. However, if the stock dips below $2.44, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.35.
Currently, the stock is trading in the green of MACD, with a reading of 0.08. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at ROTH Capital raised their recommendation for WTI from Neutral to Buy in April 17 review. Stifel analysts downgraded their recommendation of the stock from Buy to Hold while keeping its target price at $8 to $2 in a flash note released to investors on March 09. Stifel analysts see the stock as Buy when the analysts initiated the share price coverage on March 08, placing it at $10.
The average rating for the WTI equity is 3 and is currently gathering a bullish momentum. Of 3 analysts tracking W&T Offshore, Inc. polled by Reuters, 1 rated WTI as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for W&T Offshore, Inc. (NYSE:WTI) will decrease by about -99.84%, which will see them reach $88.21 million. The company’s full-year revenues are, however, expected to diminish by about -28.49%, down from $534.9 million to $382.49 million. WTI’s expected adjusted earnings should drop almost -124.53% to end up at -$0.13 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -169.23% to record -$0.36/share.