W&T Offshore (NYSE:WTI) Posts Earnings Results, Misses Expectations By $0.08 EPS

W&T Offshore (NYSE:WTI) announced its earnings results on Monday. The oil and gas company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.08), Zacks reports. The firm had revenue of $121.71 million during the quarter, compared to analyst estimates of $115.36 million.

W&T Offshore Trading Down 7.9%

WTI stock opened at $3.11 on Tuesday. The business’s fifty day moving average price is $2.34 and its 200 day moving average price is $2.04. W&T Offshore has a 12-month low of $1.09 and a 12-month high of $4.04. The company has a market capitalization of $461.96 million, a PE ratio of -3.07 and a beta of 0.26.

W&T Offshore Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Thursday, March 19th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Thursday, March 19th. W&T Offshore’s payout ratio is -3.96%.

Analysts Set New Price Targets

Several brokerages recently commented on WTI. Weiss Ratings reissued a “sell (d-)” rating on shares of W&T Offshore in a report on Wednesday, January 21st. Zacks Research downgraded shares of W&T Offshore from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Hedge Funds Weigh In On W&T Offshore

A number of institutional investors and hedge funds have recently made changes to their positions in WTI. StoneX Group Inc. purchased a new position in W&T Offshore in the fourth quarter valued at $28,000. Oxford Asset Management LLP acquired a new stake in W&T Offshore in the second quarter valued at $29,000. Engineers Gate Manager LP purchased a new stake in W&T Offshore during the 4th quarter worth about $32,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of W&T Offshore during the 3rd quarter worth about $32,000. Finally, Raymond James Financial Inc. boosted its position in shares of W&T Offshore by 42.7% during the 2nd quarter. Raymond James Financial Inc. now owns 21,957 shares of the oil and gas company’s stock worth $36,000 after acquiring an additional 6,569 shares in the last quarter. 42.88% of the stock is 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.