5 Best Oil and Gas Penny Stocks to Buy

1. W&T Offshore, Inc. (NYSE:WTI)

Number of Hedge Fund Holders: 21

Oil and gas company W&T Offshore, Inc. (NYSE:WTI) shares have gained about 4% over the past one year. As of the end of the first quarter, 21 hedge funds tracked by Insider Monkey had stakes in W&T Offshore, Inc. (NYSE:WTI). The biggest stakeholder of W&T Offshore, Inc. (NYSE:WTI) during this period was DE Shaw with an $11 million stake in the company. In May W&T Offshore, Inc. (NYSE:WTI) posted Q1 results. Adjusted EPS in the period came in at -$0.02. Revenue in the quarter fell 30.6% year over year to $131.73 million.

Kingdom Capital Advisors made the following comment about W&T Offshore, Inc. (NYSE:WTI) in its Q4 2022 investor letter:

“W&T Offshore, Inc. (NYSE:WTI) was our favorite trading vehicle, taking advantage of its volatile nature and gunslinging risk management department, to ride multiple >100% moves in the stock during 2022. WTI is a Gulf of Mexico E&P with a colorful CEO, no capital return plan, a valuable pile of reserves, and a slug of calls on the price of natural gas. We found this to be an exciting trade to express our belief in energy stocks, and a dangerous place to stay after sentiment peaks.”

You can also take a peek at 12 Best NASDAQ Stocks Under $20 and 10 Best Artificial Intelligence Stocks Under $10.