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

Shares of W&T Offshore, Inc. (NYSE:WTI) gapped down prior to trading on Monday. The stock had previously closed at $4.05, but opened at $3.84. W&T Offshore shares last traded at $3.8050, with a volume of 715,836 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have commented on WTI shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a report on Thursday, October 15th. Zacks Research upgraded W&T Offshore from a “hold” rating to a “strong-buy” rating in a research note on Monday. Roth Capital set a $4.25 price objective on W&T Offshore in a report on Tuesday, July 21st. Finally, Wall Street Zen upgraded shares of W&T Offshore from a “hold” rating to a “buy” rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, W&T Offshore presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.25.

W&T Offshore Price Performance

The stock has a market capitalization of $547.57 million, a PE ratio of -10.40 and a beta of 0.30. The stock has a 50 day moving average of $3.81 and a two-hundred day moving average of $3.41.

W&T Offshore (NYSE:WTI) last issued its quarterly earnings data on Thursday, October 29th. The oil and gas company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.07. The firm had revenue of $167.08 million for the quarter, compared to analyst estimates of $144.97 million. As a group, research analysts predict that W&T Offshore, Inc. will post -0.05 earnings per share for the current fiscal year.

W&T Offshore Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 12th will be paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $0.04 annualized dividend and a dividend yield of 1.1%. W&T Offshore’s dividend payout ratio is presently -11.76%.

Institutional Investors Weigh In On W&T Offshore

Institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc purchased a new position in shares of W&T Offshore in the 2nd quarter valued at $28,000. Nierenberg Investment Management Company LLC acquired a new stake in W&T Offshore in the second quarter valued at $42,698. Corient Private Wealth LP bought a new position in shares of W&T Offshore during the second quarter worth about $45,000. Callan Family Office LLC acquired a new position in shares of W&T Offshore in the 2nd quarter worth approximately $47,000. Finally, Simplicity Wealth LLC bought a new stake in W&T Offshore during the second quarter valued at $51,000. 42.88% of the stock is currently owned by hedge funds and other institutional investors.

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.