W&T Offshore (NYSE:WTI) Shares Up 6.6% – What’s Next?

W&T Offshore, Inc. (NYSE:WTI) shares rose 6.6% during mid-day trading on Thursday . The stock traded as high as $4.17 and last traded at $4.1150. 934,836 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 5,847,097 shares. The stock had previously closed at $3.86.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Roth Capital set a $4.25 price target on W&T Offshore in a report on Tuesday, July 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a research report on Friday, July 17th. Finally, Wall Street Zen cut shares of W&T Offshore from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. 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 stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $4.25.

W&T Offshore Price Performance

The firm has a 50 day moving average price of $3.46 and a 200-day moving average price of $3.36. The firm has a market cap of $612.06 million, a price-to-earnings ratio of -5.55 and a beta of 0.24.

W&T Offshore (NYSE:WTI) last announced its quarterly earnings data 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 company had revenue of $162.62 million during the quarter, compared to analysts’ expectations of $157.46 million. On average, sell-side analysts expect that W&T Offshore, Inc. will post -0.1 EPS for the current fiscal year.

W&T Offshore Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 19th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, August 19th. W&T Offshore’s payout ratio is -5.48%.

Institutional Trading of W&T Offshore

Institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC increased its holdings in W&T Offshore by 158.5% in the first quarter. Renaissance Technologies LLC now owns 590,300 shares of the oil and gas company’s stock valued at $2,013,000 after purchasing an additional 361,900 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in W&T Offshore during the first quarter worth about $2,205,000. Sei Investments Co. grew its position in shares of W&T Offshore by 1,596.5% during the 1st quarter. Sei Investments Co. now owns 297,870 shares of the oil and gas company’s stock worth $1,016,000 after buying an additional 280,312 shares during the period. UBS Group AG grew its position in shares of W&T Offshore by 381.1% during the 4th quarter. UBS Group AG now owns 2,400,024 shares of the oil and gas company’s stock worth $3,912,000 after buying an additional 1,901,213 shares during the period. Finally, Nierenberg Investment Management Company LLC bought a new stake in shares of W&T Offshore in the 2nd quarter valued at about $42,698,000. 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 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.