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

W&T Offshore, Inc. (NYSE:WTI) shares gapped up before the market opened on Thursday . The stock had previously closed at $3.72, but opened at $3.89. W&T Offshore shares last traded at $3.9160, with a volume of 571,723 shares traded.

Analyst Upgrades and Downgrades

WTI has been the topic of a number of research reports. Weiss Ratings reaffirmed 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 objective on W&T Offshore in a research note on Tuesday. William Blair initiated coverage on W&T Offshore in a report on Friday, April 17th. They set an “outperform” rating for the company. Finally, Wall Street Zen downgraded W&T Offshore from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Two research 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 MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $4.25.

W&T Offshore Stock Performance

The firm’s 50 day simple moving average is $3.66 and its 200-day simple moving average is $3.13. The company has a market cap of $543.79 million, a price-to-earnings ratio of -3.85 and a beta of 0.24.

W&T Offshore Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Thursday, May 21st were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, May 21st. W&T Offshore’s dividend payout ratio (DPR) is currently -4.21%.

Hedge Funds Weigh In On W&T Offshore

Institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC raised its holdings in W&T Offshore by 309.7% in the 1st 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 last quarter. Millennium Management LLC lifted its stake in W&T Offshore by 24.2% in the 1st 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 in the last quarter. Jane Street Group LLC boosted its holdings in shares of W&T Offshore by 826.2% during the 1st 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 last quarter. Geode Capital Management LLC boosted its holdings in shares of 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 worth $3,864,000 after purchasing an additional 52,982 shares during the last quarter. Finally, Creative Planning grew its position in shares of W&T Offshore by 42.3% in the second 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 in the last quarter. 42.88% of the stock is currently owned by institutional investors and hedge funds.

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.