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

Shares of W&T Offshore, Inc. (NYSE:WTI) gapped up before the market opened on Wednesday . The stock had previously closed at $3.31, but opened at $3.56. W&T Offshore shares last traded at $3.5040, with a volume of 1,551,601 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently commented on WTI shares. William Blair started coverage on W&T Offshore in a report on Friday, April 17th. They issued an “outperform” rating for the company. Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a research report on Monday, April 20th. Finally, Wall Street Zen lowered shares of W&T Offshore from a “buy” rating to a “hold” rating in a research note on Saturday. Two equities 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold”.

W&T Offshore Stock Up 11.9%

The company’s 50 day simple moving average is $3.82 and its 200-day simple moving average is $2.97. The firm has a market cap of $551.23 million, a P/E ratio of -3.90 and a beta of 0.24.

W&T Offshore Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 21st were issued a dividend of $0.01 per share. The ex-dividend date was Thursday, May 21st. This represents a $0.04 dividend on an annualized basis and a yield of 1.1%. W&T Offshore’s payout ratio is presently -4.21%.

Institutional Trading of W&T Offshore

A number of hedge funds and other institutional investors have recently bought and sold shares of WTI. UBS Group AG raised its stake in shares of W&T Offshore by 381.1% during 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 acquiring an additional 1,901,213 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in W&T Offshore by 115.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,666,494 shares of the oil and gas company’s stock worth $2,716,000 after purchasing an additional 894,221 shares in the last quarter. Millennium Management LLC increased its holdings in W&T Offshore by 33.9% during the 3rd quarter. Millennium Management LLC now owns 2,560,561 shares of the oil and gas company’s stock worth $4,660,000 after purchasing an additional 647,596 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in W&T Offshore during the 1st quarter worth $2,205,000. Finally, Charles Schwab Investment Management Inc. raised its position in W&T Offshore by 25.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,540,588 shares of the oil and gas company’s stock valued at $4,141,000 after purchasing an additional 508,050 shares in the last quarter. Hedge funds and other 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.