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

W&T Offshore, Inc. (NYSE:WTI)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $2.85, but opened at $3.00. W&T Offshore shares last traded at $3.4080, with a volume of 16,824,043 shares.

Analysts Set New Price Targets

WTI has been the topic of several recent research reports. Zacks Research downgraded W&T Offshore from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

W&T Offshore Stock Performance

The stock’s fifty day simple moving average is $2.24 and its two-hundred day simple moving average is $2.01. The stock has a market capitalization of $514.03 million, a P/E ratio of -3.42 and a beta of 0.26.

W&T Offshore (NYSE:WTI) last released its quarterly earnings results on Monday, March 16th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.08). The firm had revenue of $121.71 million for the quarter, compared to analysts’ expectations of $115.36 million. As a group, analysts expect that W&T Offshore, Inc. will post -0.45 earnings per share for the current fiscal year.

W&T Offshore Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 19th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, March 19th. W&T Offshore’s dividend payout ratio (DPR) is currently -3.96%.

Institutional Investors Weigh In On W&T Offshore

Institutional investors have recently made changes to their positions in the stock. Invesco Ltd. raised its position in shares of W&T Offshore by 1.4% during the fourth quarter. Invesco Ltd. now owns 312,081 shares of the oil and gas company’s stock worth $509,000 after acquiring an additional 4,241 shares during the last quarter. Octavia Wealth Advisors LLC boosted its holdings in W&T Offshore by 20.4% in the third quarter. Octavia Wealth Advisors LLC now owns 31,500 shares of the oil and gas company’s stock valued at $57,000 after acquiring an additional 5,340 shares during the last quarter. Graham Capital Management L.P. boosted its holdings in W&T Offshore by 7.6% in the fourth quarter. Graham Capital Management L.P. now owns 87,530 shares of the oil and gas company’s stock valued at $143,000 after acquiring an additional 6,195 shares during the last quarter. NewEdge Advisors LLC increased its position in W&T Offshore by 21.7% during the 3rd quarter. NewEdge Advisors LLC now owns 36,610 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 6,524 shares during the period. Finally, Raymond James Financial Inc. increased its position in W&T Offshore by 42.7% during the 2nd quarter. Raymond James Financial Inc. now owns 21,957 shares of the oil and gas company’s stock valued at $36,000 after purchasing an additional 6,569 shares during the period. Institutional investors own 42.88% of the company’s stock.

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.