5 Cheap Oil Stocks to Buy in 2022

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

Number of Hedge Fund Holders: 17  

Real-Time Share Price as of February 14: $4.56

W&T Offshore, Inc. (NYSE:WTI) is a Texas-based oil and gas producer. On January 10, the firm announced that it had agreed to purchase producing properties in the Gulf of Mexico in a deal worth around $47 million. The transaction in this regard will be completed by the end of the first quarter of 2022. The purchase includes 53 oil producing wells and 16 structures. 

Major hedge funds are bullish on W&T Offshore, Inc. (NYSE:WTI). Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Millennium Management is a leading shareholder in W&T Offshore, Inc. (NYSE:WTI), with 1.6 million shares worth more than $6.1 million.