W&T Offshore (NYSE:WTI) Shares Gap Up – Time to Buy?

Shares of W&T Offshore, Inc. (NYSE:WTI) gapped up before the market opened on Monday . The stock had previously closed at $3.57, but opened at $3.83. W&T Offshore shares last traded at $3.7450, with a volume of 504,046 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Roth Capital set a $4.25 price objective on shares of 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 downgraded shares of W&T Offshore from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Two 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 data from MarketBeat.com, W&T Offshore currently has a consensus rating of “Hold” and a consensus price target of $4.25.

W&T Offshore Trading Up 4.0%

The stock has a 50 day simple moving average of $3.51 and a 200 day simple moving average of $3.45. The firm has a market capitalization of $582.63 million, a PE ratio of -5.29 and a beta of 0.28.

W&T Offshore (NYSE:WTI) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $162.62 million during the quarter, compared to analysts’ expectations of $157.46 million. As a group, equities analysts anticipate that W&T Offshore, Inc. will post -0.09 earnings per share for the current year.

W&T Offshore Dividend Announcement

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

Institutional Investors Weigh In On W&T Offshore

Institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its position in shares of W&T Offshore by 309.7% in the first quarter. AQR Capital Management LLC now owns 120,911 shares of the oil and gas company’s stock valued at $187,000 after acquiring an additional 91,400 shares during the period. Millennium Management LLC boosted its holdings in shares of W&T Offshore by 24.2% during the first quarter. Millennium Management LLC now owns 3,071,610 shares of the oil and gas company’s stock worth $4,761,000 after purchasing an additional 598,614 shares during the period. Jane Street Group LLC boosted its holdings in shares of W&T Offshore by 826.2% during the first quarter. Jane Street Group LLC now owns 324,807 shares of the oil and gas company’s stock worth $503,000 after purchasing an additional 289,739 shares during the period. Geode Capital Management LLC increased its holdings in W&T Offshore by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,341,646 shares of the oil and gas company’s stock valued at $3,864,000 after purchasing an additional 52,982 shares during the period. Finally, Creative Planning increased its holdings in W&T Offshore by 42.3% during the 2nd quarter. Creative Planning now owns 42,885 shares of the oil and gas company’s stock valued at $71,000 after purchasing an additional 12,749 shares during the period. 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.