W&T Offshore (NYSE:WTI) Share Price Passes Above 200-Day Moving Average – What’s Next?

W&T Offshore, Inc. (NYSE:WTI) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $2.73 and traded as high as $3.97. W&T Offshore shares last traded at $3.9450, with a volume of 3,224,006 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have commented on WTI. William Blair began coverage on W&T Offshore in a research report on Friday, April 17th. They issued an “outperform” rating for the company. Zacks Research cut W&T Offshore from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 26th. Wall Street Zen upgraded W&T Offshore from a “hold” rating to a “buy” rating in a research report on Saturday, May 30th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a research report on Monday, April 20th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold”.

W&T Offshore Price Performance

The firm has a 50-day moving average of $3.77 and a 200-day moving average of $2.76. The stock has a market cap of $634.99 million, a PE ratio of -4.49 and a beta of 0.24.

W&T Offshore (NYSE:WTI) last released its earnings results on Monday, March 9th. 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 company had revenue of $121.71 million during the quarter, compared to analysts’ expectations of $115.36 million. Equities analysts forecast that W&T Offshore, Inc. will post -0.12 EPS for the current fiscal year.

W&T Offshore Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Thursday, May 21st were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.9%. The ex-dividend date was Thursday, May 21st. W&T Offshore’s dividend payout ratio (DPR) is currently -4.21%.

Hedge Funds Weigh In On W&T Offshore

Several institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its holdings in W&T Offshore by 4.2% during the 1st quarter. Bank of America Corp DE now owns 649,490 shares of the oil and gas company’s stock valued at $2,215,000 after buying an additional 26,262 shares in the last quarter. Renaissance Technologies LLC grew its holdings in W&T Offshore by 158.5% during the 1st quarter. Renaissance Technologies LLC now owns 590,300 shares of the oil and gas company’s stock valued at $2,013,000 after buying an additional 361,900 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in W&T Offshore during the 1st quarter valued at approximately $2,205,000. Sei Investments Co. grew its holdings in 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 valued at $1,016,000 after buying an additional 280,312 shares in the last quarter. Finally, Walleye Capital LLC purchased a new position in W&T Offshore during the 1st quarter valued at approximately $62,000. Hedge funds and other 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.