W&T Offshore (NYSE:WTI) Shares Down 6.2% – Here’s Why

W&T Offshore, Inc. (NYSE:WTI)’s share price fell 6.2% during mid-day trading on Wednesday . The stock traded as low as $3.90 and last traded at $3.8750. 1,110,323 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 5,605,270 shares. The stock had previously closed at $4.13.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on WTI shares. Wall Street Zen lowered shares of W&T Offshore from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Weiss Ratings reissued 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 price objective on shares of W&T Offshore in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, W&T Offshore presently has a consensus rating of “Hold” and a consensus target price of $4.25.

W&T Offshore Trading Down 5.4%

The stock has a market cap of $589.42 million, a PE ratio of -5.36 and a beta of 0.28. The business has a 50 day moving average of $3.68 and a 200-day moving average of $3.56.

W&T Offshore (NYSE:WTI) last issued its quarterly earnings data 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 business had revenue of $162.62 million during the quarter, compared to the consensus estimate of $157.46 million. Research analysts expect that W&T Offshore, Inc. will post -0.08 EPS for the current fiscal year.

W&T Offshore Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 19th were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Wednesday, August 19th. W&T Offshore’s payout ratio is presently -5.48%.

Institutional Trading of W&T Offshore

Large investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in W&T Offshore during the 2nd quarter worth approximately $26,065,000. UBS Group AG increased its holdings in shares of W&T Offshore by 381.1% in the fourth quarter. UBS Group AG now owns 2,400,024 shares of the oil and gas company’s stock valued at $3,912,000 after purchasing an additional 1,901,213 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of W&T Offshore during the second quarter worth approximately $3,592,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of W&T Offshore during the second quarter worth approximately $3,353,000. Finally, Algert Global LLC lifted its holdings in shares of W&T Offshore by 185.8% during the second 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. Institutional investors and hedge funds own 42.88% of the company’s stock.

About W&T Offshore

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.