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

W&T Offshore, Inc. (NYSE:WTI)’s share price gapped down prior to trading on Monday . The stock had previously closed at $3.59, but opened at $3.35. W&T Offshore shares last traded at $3.4230, with a volume of 693,560 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have commented on WTI shares. Roth Capital set a $4.25 price objective on shares of W&T Offshore in a report on Tuesday, July 21st. Wall Street Zen downgraded shares of W&T Offshore from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. William Blair assumed coverage on shares of W&T Offshore in a research note on Friday, April 17th. They set an “outperform” rating on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of W&T Offshore in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $4.25.

W&T Offshore Price Performance

The stock has a market capitalization of $521.47 million, a price-to-earnings ratio of -3.69 and a beta of 0.24. The stock has a 50-day moving average of $3.55 and a 200 day moving average of $3.20.

W&T Offshore Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Thursday, May 21st were given a dividend of $0.01 per share. The ex-dividend date was Thursday, May 21st. This represents a $0.04 annualized dividend and a dividend yield of 1.1%. W&T Offshore’s payout ratio is presently -4.21%.

Institutional Investors Weigh In On W&T Offshore

A number of institutional investors have recently made changes to their positions in WTI. Invesco Ltd. lifted its stake in W&T Offshore by 1.4% in the fourth quarter. Invesco Ltd. now owns 312,081 shares of the oil and gas company’s stock valued at $509,000 after buying an additional 4,241 shares during the period. Graham Capital Management L.P. increased its stake in shares of W&T Offshore by 7.6% in the 4th quarter. Graham Capital Management L.P. now owns 87,530 shares of the oil and gas company’s stock valued at $143,000 after acquiring an additional 6,195 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of W&T Offshore by 21.7% in the 3rd quarter. NewEdge Advisors LLC now owns 36,610 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 6,524 shares during the last quarter. Raymond James Financial Inc. raised its position in shares of 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 valued at $36,000 after acquiring an additional 6,569 shares during the period. Finally, Alliancebernstein L.P. raised its position in shares of W&T Offshore by 3.0% in the 3rd quarter. Alliancebernstein L.P. now owns 283,774 shares of the oil and gas company’s stock valued at $516,000 after acquiring an additional 8,200 shares during the period. 42.88% of the stock is owned by institutional investors and hedge funds.

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.