W&T Offshore (NYSE:WTI) Stock Price Down 6% – Should You Sell?

W&T Offshore, Inc. (NYSE:WTI) shares dropped 6% during trading on Tuesday . The stock traded as low as $3.49 and last traded at $3.3850. Approximately 7,249,498 shares were traded during trading, an increase of 28% from the average daily volume of 5,667,509 shares. The stock had previously closed at $3.60.

Analysts Set New Price Targets

WTI has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a research note on Wednesday, January 21st. Zacks Research cut shares of W&T Offshore from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold”.

W&T Offshore Stock Down 6.8%

The firm has a market cap of $499.16 million, a price-to-earnings ratio of -3.32 and a beta of 0.26. The stock has a fifty day moving average price of $2.63 and a 200-day moving average price of $2.14.

W&T Offshore (NYSE:WTI) last issued its quarterly earnings results on Monday, March 16th. The oil and gas company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.08). The company had revenue of $121.71 million during the quarter, compared to analysts’ expectations of $115.36 million. As a group, research analysts expect that W&T Offshore, Inc. will post -0.45 earnings per share for the current year.

W&T Offshore Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 26th. Stockholders of record on Thursday, March 19th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Thursday, March 19th. W&T Offshore’s dividend payout ratio (DPR) is -3.96%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in WTI. Caitong International Asset Management Co. Ltd raised its holdings in W&T Offshore by 2,753.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 110,794 shares of the oil and gas company’s stock worth $181,000 after purchasing an additional 106,911 shares in the last quarter. Virtu Financial LLC purchased a new stake in W&T Offshore in the 4th quarter valued at approximately $138,000. Invesco Ltd. increased its position in W&T Offshore by 1.4% during the 4th quarter. Invesco Ltd. now owns 312,081 shares of the oil and gas company’s stock worth $509,000 after purchasing an additional 4,241 shares during the period. Millennium Management LLC increased its position in W&T Offshore by 10.0% during the 4th quarter. Millennium Management LLC now owns 2,815,843 shares of the oil and gas company’s stock worth $4,590,000 after purchasing an additional 255,282 shares during the period. Finally, Engineers Gate Manager LP purchased a new position in shares of W&T Offshore during the 4th quarter worth approximately $32,000. 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.