W&T Offshore (NYSE:WTI) Shares Gap Up – Should You Buy?

Shares of W&T Offshore, Inc. (NYSE:WTI) gapped up before the market opened on Thursday . The stock had previously closed at $4.06, but opened at $4.17. W&T Offshore shares last traded at $4.0780, with a volume of 483,809 shares traded.

Analyst Upgrades and Downgrades

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

W&T Offshore Price Performance

The stock has a market cap of $648.29 million, a price-to-earnings ratio of -5.84 and a beta of 0.28. The business’s 50 day moving average is $3.60 and its 200 day moving average is $3.51.

W&T Offshore (NYSE:WTI) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $0.02 earnings per share (EPS) 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 the consensus estimate of $157.46 million. As a group, analysts forecast that W&T Offshore, Inc. will post -0.09 earnings per share for the current year.

W&T Offshore Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 19th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Wednesday, August 19th. W&T Offshore’s dividend payout ratio (DPR) is currently -5.48%.

Institutional Investors Weigh In On W&T Offshore

A number of institutional investors and hedge funds have recently modified their holdings of WTI. The Manufacturers Life Insurance Company increased its position in W&T Offshore by 12.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,642 shares of the oil and gas company’s stock worth $90,000 after purchasing an additional 3,159 shares in the last quarter. Engineers Gate Manager LP boosted its position in shares of W&T Offshore by 143.4% in the second quarter. Engineers Gate Manager LP now owns 300,035 shares of the oil and gas company’s stock worth $945,000 after buying an additional 176,751 shares during the period. Squarepoint Ops LLC acquired a new stake in W&T Offshore in the second quarter valued at approximately $2,008,000. Corient Private Wealth LP acquired a new stake in W&T Offshore during the 2nd quarter valued at $50,000. Finally, AXQ Capital LP increased its position in shares of W&T Offshore by 61.6% during the second quarter. AXQ Capital LP now owns 102,822 shares of the oil and gas company’s stock worth $324,000 after acquiring an additional 39,213 shares during the last quarter. 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.