W&T Offshore (NYSE:WTI) Shares Gap Down – What’s Next?

Shares of W&T Offshore, Inc. (NYSE:WTI) gapped down before the market opened on Wednesday . The stock had previously closed at $4.07, but opened at $3.86. W&T Offshore shares last traded at $3.7790, with a volume of 964,262 shares changing hands.

Analysts Set New Price Targets

Several research firms have recently issued reports on WTI. Wall Street Zen lowered shares of W&T Offshore from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Zacks Research downgraded shares of W&T Offshore from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of W&T Offshore in a research report on Monday, April 20th. Finally, William Blair assumed coverage on shares of W&T Offshore in a research report on Friday, April 17th. They set an “outperform” rating for the company. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, W&T Offshore presently has a consensus rating of “Hold”.

W&T Offshore Price Performance

The company has a market cap of $557.18 million, a P/E ratio of -3.94 and a beta of 0.29. The company’s 50-day moving average is $3.63 and its two-hundred day moving average is $2.63.

W&T Offshore (NYSE:WTI) last announced its quarterly earnings results on Thursday, May 7th. The oil and gas company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.17). The company had revenue of $150.02 million for the quarter, compared to the consensus estimate of $138.41 million. Equities research analysts anticipate that W&T Offshore, Inc. will post -0.12 EPS for the current year.

W&T Offshore Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 21st were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.04 annualized dividend and a dividend yield of 1.1%. W&T Offshore’s dividend payout ratio (DPR) is -4.21%.

Institutional Investors Weigh In On W&T Offshore

Large investors have recently added to or reduced their stakes in the stock. AXQ Capital LP bought a new stake in W&T Offshore in the 3rd quarter worth approximately $28,000. StoneX Group Inc. bought a new stake in W&T Offshore in the 4th quarter worth approximately $28,000. Oxford Asset Management LLP bought a new stake in W&T Offshore in the 2nd quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC bought a new stake in W&T Offshore in the 3rd quarter worth approximately $30,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in W&T Offshore in the 3rd quarter worth approximately $32,000. Institutional investors own 42.88% of the company’s stock.

W&T Offshore Company Profile

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.