W&T Offshore (NYSE:WTI) Shares Down 4.3% – Here’s Why

Shares of W&T Offshore, Inc. (NYSE:WTI) were down 4.3% on Thursday . The company traded as low as $3.54 and last traded at $3.5230. Approximately 252,342 shares were traded during trading, a decline of 96% from the average daily volume of 5,951,240 shares. The stock had previously closed at $3.68.

Analyst Ratings Changes

WTI has been the topic of several recent research reports. William Blair started coverage on shares of W&T Offshore in a research report on Friday, April 17th. They set an “outperform” rating on the stock. Roth Capital set a $4.25 price objective on shares of W&T Offshore in a research report on Tuesday, July 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of W&T Offshore in a research note on Friday, July 17th. Finally, Wall Street Zen cut W&T Offshore from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $4.25.

W&T Offshore Stock Down 1.5%

The stock has a market cap of $547.17 million, a price-to-earnings ratio of -4.97 and a beta of 0.24. The stock’s fifty day moving average is $3.48 and its 200-day moving average is $3.30.

W&T Offshore (NYSE:WTI) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The firm had revenue of $162.62 million for the quarter, compared to the consensus estimate of $157.46 million. As a group, equities research analysts predict that W&T Offshore, Inc. will post -0.1 earnings per share for the current fiscal year.

W&T Offshore Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 19th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 19th. W&T Offshore’s payout ratio is presently -5.48%.

Hedge Funds Weigh In On W&T Offshore

Several institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in W&T Offshore during the 2nd quarter worth approximately $26,065,000. Vanguard Group Inc. boosted its holdings in shares of W&T Offshore by 0.3% in the third quarter. Vanguard Group Inc. now owns 6,828,361 shares of the oil and gas company’s stock valued at $12,428,000 after buying an additional 19,283 shares during the period. Millennium Management LLC increased its position in shares of W&T Offshore by 24.2% during the first quarter. Millennium Management LLC now owns 3,071,610 shares of the oil and gas company’s stock worth $4,761,000 after acquiring an additional 598,614 shares in the last quarter. State Street Corp raised its holdings in shares of W&T Offshore by 0.5% during the fourth quarter. State Street Corp now owns 2,680,643 shares of the oil and gas company’s stock worth $4,369,000 after acquiring an additional 14,426 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in W&T Offshore by 25.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,540,588 shares of the oil and gas company’s stock worth $4,141,000 after purchasing an additional 508,050 shares during the period. 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.