W&T Offshore (NYSE:WTI) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

W&T Offshore (NYSE:WTI) released its earnings results on Wednesday. The oil and gas company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02), FiscalAI reports. The firm had revenue of $162.62 million during the quarter, compared to the consensus estimate of $157.46 million.

W&T Offshore Stock Down 3.9%

W&T Offshore stock opened at $3.29 on Thursday. The company has a market capitalization of $488.74 million, a P/E ratio of -3.46 and a beta of 0.24. The stock’s 50 day moving average is $3.51 and its 200 day moving average is $3.24. W&T Offshore has a twelve month low of $1.50 and a twelve month high of $5.08.

W&T Offshore Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 19th will be given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 19th. W&T Offshore’s payout ratio is currently -4.21%.

Analysts Set New Price Targets

WTI has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of W&T Offshore in a research note on Friday, July 17th. William Blair initiated coverage on W&T Offshore in a research report on Friday, April 17th. They set an “outperform” rating for the company. Wall Street Zen cut shares of W&T Offshore from a “buy” rating to a “hold” rating in a report on Saturday, July 4th. Finally, Roth Capital set a $4.25 target price on shares of W&T Offshore in a research report on Tuesday, July 21st. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $4.25.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. StoneX Group Inc. purchased a new stake in shares of W&T Offshore in the fourth quarter worth $28,000. Oxford Asset Management LLP bought a new position in shares of W&T Offshore during the second quarter valued at $29,000. Engineers Gate Manager LP purchased a new position in shares of W&T Offshore in the 4th quarter worth about $32,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of W&T Offshore in the 3rd quarter worth about $32,000. Finally, Raymond James Financial Inc. boosted its stake in W&T Offshore by 42.7% in the 2nd quarter. Raymond James Financial Inc. now owns 21,957 shares of the oil and gas company’s stock worth $36,000 after purchasing an additional 6,569 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 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.