W&T Offshore (NYSE:WTI) Stock Price Up 5.8% – Here’s Why

W&T Offshore, Inc. (NYSE:WTI) shares shot up 5.8% during mid-day trading on Friday. The company traded as high as $4.03 and last traded at $4.1160. 225,204 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 5,344,440 shares. The stock had previously closed at $3.89.

Wall Street Analysts Forecast Growth

WTI has been the subject of several recent research reports. Wall Street Zen lowered W&T Offshore from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Roth Capital set a $4.25 target price on shares of W&T Offshore in a report on Tuesday, July 21st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of W&T Offshore in a research report on Thursday, October 15th. One equities research analyst has 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. Based on data from MarketBeat.com, W&T Offshore currently has an average rating of “Hold” and a consensus price target of $4.25.

W&T Offshore Stock Up 8.4%

The stock’s fifty day simple moving average is $3.78 and its two-hundred day simple moving average is $3.68. The firm has a market cap of $636.21 million, a PE ratio of -5.77 and a beta of 0.35.

W&T Offshore (NYSE:WTI) last released its earnings results 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 firm had revenue of $162.62 million for the quarter, compared to analysts’ expectations of $157.46 million. On average, equities research analysts anticipate that W&T Offshore, Inc. will post -0.09 earnings per share for the current fiscal year.

W&T Offshore Dividend Announcement

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

Hedge Funds Weigh In On W&T Offshore

Large investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company lifted its stake in shares of W&T Offshore by 12.4% in the second quarter. The Manufacturers Life Insurance Company now owns 28,642 shares of the oil and gas company’s stock worth $90,000 after buying an additional 3,159 shares in the last quarter. Engineers Gate Manager LP grew its holdings in shares of W&T Offshore by 143.4% during the second quarter. Engineers Gate Manager LP now owns 300,035 shares of the oil and gas company’s stock valued at $945,000 after buying an additional 176,751 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of W&T Offshore during the second quarter valued at approximately $2,008,000. Corient Private Wealth LP purchased a new stake in shares of W&T Offshore during the second quarter valued at approximately $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 valued at $324,000 after acquiring an additional 39,213 shares in the last quarter. 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 natural gas exploration and production company focused on 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 have included assets in the federal and state waters of the Gulf of Mexico, spanning shelf and deepwater areas. Its activities include acquiring exploration and production interests, drilling and completing wells, and managing offshore production and related infrastructure.

Founded in 1983 by Tracy W.