W&T Offshore (NYSE:WTI) Trading Down 6.2% – What’s Next?

Shares of W&T Offshore, Inc. (NYSE:WTI) fell 6.2% during trading on Wednesday . The stock traded as low as $3.90 and last traded at $3.8750. Approximately 1,110,323 shares changed hands during trading, a decline of 80% from the average daily volume of 5,605,270 shares. The stock had previously closed at $4.13.

Wall Street Analysts Forecast Growth

WTI has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of W&T Offshore in a research note on Friday, July 17th. 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. Finally, Roth Capital set a $4.25 price target on W&T Offshore in a research report on Tuesday, July 21st. One 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $4.25.

W&T Offshore Price Performance

The company has a market capitalization of $590.93 million, a P/E ratio of -5.36 and a beta of 0.28. The business has a 50-day moving average of $3.69 and a 200-day moving average of $3.58.

W&T Offshore (NYSE:WTI) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The business had revenue of $162.62 million for the quarter, compared to analyst estimates of $157.46 million. Sell-side analysts predict that W&T Offshore, Inc. will post -0.08 EPS for the current fiscal year.

W&T Offshore Dividend Announcement

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of WTI. BlackRock Inc. purchased a new stake in W&T Offshore in the second quarter worth $26,065,000. UBS Group AG boosted its stake in shares of W&T Offshore by 381.1% during the fourth quarter. UBS Group AG now owns 2,400,024 shares of the oil and gas company’s stock valued at $3,912,000 after purchasing an additional 1,901,213 shares during the period. Bank of New York Mellon Corp bought a new position in shares of W&T Offshore in the second quarter worth about $3,592,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of W&T Offshore in the second quarter worth about $3,353,000. 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. 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 natural gas exploration and production company focused primarily on assets in the U.S. Gulf of Mexico. The company explores for, develops, and produces crude oil, natural gas, and natural gas liquids from offshore properties.

W&T Offshore’s operations include interests in producing fields and prospective exploration areas across the Gulf of Mexico, including shallow-water and deepwater assets. Its activities cover the full upstream lifecycle, including geological evaluation, drilling, field development, production, and asset management.

Founded in 1983 by Tracy W.