W&T Offshore (NYSE:WTI) Shares Gap Down – Here’s Why

W&T Offshore, Inc. (NYSE:WTI)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $3.89, but opened at $3.79. W&T Offshore shares last traded at $3.8350, with a volume of 743,058 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on WTI. Wall Street Zen downgraded W&T Offshore from a “buy” rating to a “hold” rating in a report on Saturday, July 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of W&T Offshore in a research note on Friday, July 17th. Finally, Roth Capital set a $4.25 target price on W&T Offshore in a report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, W&T Offshore has an average rating of “Hold” and a consensus target price of $4.25.

W&T Offshore Stock Up 0.4%

The stock has a market capitalization of $589.42 million, a P/E ratio of -5.35 and a beta of 0.28. The company has a fifty day simple moving average of $3.68 and a two-hundred day simple moving average of $3.57.

W&T Offshore (NYSE:WTI) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The firm had revenue of $162.62 million during the quarter, compared to analyst estimates of $157.46 million. As a group, equities analysts forecast that W&T Offshore, Inc. will post -0.08 earnings per share for the current year.

W&T Offshore Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 19th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.04 annualized dividend and a dividend yield of 1.0%. W&T Offshore’s dividend payout ratio is currently -5.48%.

Hedge Funds Weigh In On W&T Offshore

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WTI. Legal & General Group Plc bought a new position in W&T Offshore during the 2nd quarter worth about $28,000. Capricorn Fund Managers Ltd acquired a new position in shares of W&T Offshore during the first quarter worth about $34,000. Nierenberg Investment Management Company LLC bought a new position in shares of W&T Offshore during the second quarter worth about $42,698. Corient Private Wealth LP acquired a new stake in W&T Offshore in the 2nd quarter valued at approximately $45,000. Finally, Callan Family Office LLC acquired a new stake in W&T Offshore in the 2nd quarter valued at approximately $47,000. 42.88% of the stock is owned by institutional investors and hedge funds.

W&T Offshore Company Profile

W&T Offshore, Inc is an independent oil and natural gas exploration and production company focused primarily on assets in the U.S. Gulf of Mexico. The company explores for, develops, and produces crude oil, natural gas, and natural gas liquids from offshore properties.

W&T Offshore’s operations include interests in producing fields and prospective exploration areas across the Gulf of Mexico, including shallow-water and deepwater assets. Its activities cover the full upstream lifecycle, including geological evaluation, drilling, field development, production, and asset management.

Founded in 1983 by Tracy W.