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

Shares of W&T Offshore, Inc. (NYSE:WTI) gapped down before the market opened on Monday . The stock had previously closed at $3.66, but opened at $3.39. W&T Offshore shares last traded at $3.54, with a volume of 977,519 shares traded.

Analysts Set New Price Targets

WTI has been the topic of a number of research analyst reports. William Blair began coverage on shares of W&T Offshore in a research note on Friday, April 17th. They issued an “outperform” rating on the stock. Wall Street Zen cut shares of W&T Offshore from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Roth Capital set a $4.25 price objective on shares of W&T Offshore in a report on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a research report on Friday, July 17th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $4.25.

W&T Offshore Stock Performance

The company has a 50 day simple moving average of $3.60 and a 200 day simple moving average of $3.16. The company has a market capitalization of $475.35 million, a PE ratio of -3.36 and a beta of 0.24.

W&T Offshore Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Thursday, May 21st were paid a $0.01 dividend. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.3%. W&T Offshore’s payout ratio is currently -4.21%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. StoneX Group Inc. purchased a new position in W&T Offshore in the 4th quarter valued at $28,000. Oxford Asset Management LLP acquired a new stake in shares of W&T Offshore in the second quarter valued at about $29,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of W&T Offshore in the third quarter worth about $32,000. Engineers Gate Manager LP purchased a new position in shares of W&T Offshore in the fourth quarter worth about $32,000. Finally, Capricorn Fund Managers Ltd acquired a new position in W&T Offshore during the first quarter worth about $34,000. 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.