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

W&T Offshore, Inc. (NYSE:WTI) gapped up before the market opened on Tuesday . The stock had previously closed at $3.75, but opened at $3.85. W&T Offshore shares last traded at $3.78, with a volume of 239,660 shares changing hands.

Analysts Set New Price Targets

A number of brokerages recently commented on WTI. Roth Capital set a $4.25 price target on shares of W&T Offshore in a report on Tuesday, July 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of W&T Offshore in a research note on Friday, July 17th. Finally, Wall Street Zen downgraded W&T Offshore from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $4.25.

W&T Offshore Stock Up 0.7%

The company’s 50 day moving average price is $3.46 and its two-hundred day moving average price is $3.36. The firm has a market cap of $581.87 million, a PE ratio of -5.28 and a beta of 0.24.

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

W&T Offshore Announces Dividend

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

Institutional Investors Weigh In On W&T Offshore

Hedge funds and other institutional investors have recently modified their holdings of the business. Corient Private Wealth LP purchased a new position in W&T Offshore during the 2nd quarter valued at $45,000. Bank of America Corp DE purchased a new stake in W&T Offshore in the second quarter worth $1,918,000. Legal & General Group Plc bought a new stake in shares of W&T Offshore during the second quarter worth $28,000. The Manufacturers Life Insurance Company purchased a new stake in shares of W&T Offshore during the second quarter valued at $90,000. Finally, Algert Global LLC grew its holdings in shares of W&T Offshore by 185.8% in 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 last quarter. 42.88% of the stock is currently owned by hedge funds and other institutional investors.

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.