W&T Offshore (NYSE:WTI) Shares Gap Up – Should You Buy?

W&T Offshore, Inc. (NYSE:WTI)’s share price gapped up before the market opened on Monday . The stock had previously closed at $3.57, but opened at $3.83. W&T Offshore shares last traded at $3.7450, with a volume of 504,046 shares trading hands.

Wall Street Analyst Weigh In

Several research firms recently weighed in on WTI. Wall Street Zen downgraded W&T Offshore from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a research report on Friday, July 17th. Finally, Roth Capital set a $4.25 target price on W&T Offshore in a research note on Tuesday, July 21st. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $4.25.

W&T Offshore Stock Performance

The company has a fifty day simple moving average of $3.49 and a two-hundred day simple moving average of $3.43. The firm has a market capitalization of $553.21 million, a PE ratio of -5.03 and a beta of 0.24.

W&T Offshore (NYSE:WTI) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The business had revenue of $162.62 million for the quarter, compared to analyst estimates of $157.46 million. On average, equities analysts anticipate that W&T Offshore, Inc. will post -0.09 earnings per share for the current fiscal year.

W&T Offshore Announces Dividend

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

Hedge Funds Weigh In On W&T Offshore

Several institutional investors and hedge funds have recently bought and sold shares of WTI. Renaissance Technologies LLC grew its stake in shares of W&T Offshore by 158.5% during the first quarter. Renaissance Technologies LLC now owns 590,300 shares of the oil and gas company’s stock worth $2,013,000 after acquiring an additional 361,900 shares during the last quarter. Sei Investments Co. increased its stake in shares of W&T Offshore by 1,596.5% in the first quarter. Sei Investments Co. now owns 297,870 shares of the oil and gas company’s stock worth $1,016,000 after acquiring an additional 280,312 shares during the period. Algert Global LLC grew its position in W&T Offshore by 185.8% during the 2nd quarter. Algert Global LLC now owns 1,589,137 shares of the oil and gas company’s stock worth $5,006,000 after purchasing an additional 1,033,167 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in W&T Offshore during the second quarter valued at approximately $3,353,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of W&T Offshore during the 1st quarter valued at approximately $2,205,000. 42.88% of the stock is owned by hedge funds and other institutional investors.

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.