W&T Offshore (NYSE:WTI) Shares Gap Down – Here’s What Happened

W&T Offshore, Inc. (NYSE:WTI)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $3.80, but opened at $3.62. W&T Offshore shares last traded at $3.6480, with a volume of 248,668 shares traded.

Wall Street Analyst Weigh In

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

W&T Offshore Trading Down 0.3%

The business has a 50-day moving average price of $3.47 and a 200-day moving average price of $3.41. The firm has a market cap of $541.87 million, a P/E ratio of -4.92 and a beta of 0.24.

W&T Offshore (NYSE:WTI) last released 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 company had revenue of $162.62 million during the quarter, compared to analysts’ expectations of $157.46 million. On average, equities 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 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. The ex-dividend date was Wednesday, August 19th. This represents a $0.04 annualized dividend and a dividend yield of 1.1%. W&T Offshore’s payout ratio is currently -5.48%.

Institutional Investors Weigh In On W&T Offshore

Several hedge funds have recently modified their holdings of WTI. AQR Capital Management LLC increased its holdings in W&T Offshore by 309.7% during 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 buying an additional 91,400 shares during the period. Millennium Management LLC boosted its position in W&T Offshore by 24.2% during the 1st quarter. Millennium Management LLC now owns 3,071,610 shares of the oil and gas company’s stock valued at $4,761,000 after acquiring an additional 598,614 shares in the last quarter. Jane Street Group LLC boosted its position in 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 valued at $503,000 after acquiring an additional 289,739 shares in the last quarter. Geode Capital Management LLC boosted its position 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 acquiring an additional 52,982 shares in the last quarter. Finally, Creative Planning increased its holdings in shares of W&T Offshore by 42.3% in the 2nd quarter. Creative Planning now owns 42,885 shares of the oil and gas company’s stock valued at $71,000 after acquiring 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.