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.

Wall Street Analysts Forecast Growth

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

W&T Offshore Stock Performance

The firm has a market capitalization of $552.60 million, a P/E ratio of -5.02 and a beta of 0.24. The business has a fifty day moving average of $3.46 and a 200-day moving average of $3.39.

W&T Offshore (NYSE:WTI) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $0.02 EPS 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 research analysts forecast that W&T Offshore, Inc. will post -0.09 earnings per share for the current fiscal year.

W&T Offshore Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 19th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Wednesday, August 19th. W&T Offshore’s payout ratio is currently -5.48%.

Hedge Funds Weigh In On W&T Offshore

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Legal & General Group Plc bought a new stake in shares of W&T Offshore during the 2nd quarter worth about $28,000. StoneX Group Inc. acquired a new stake in shares of W&T Offshore in the 4th quarter worth approximately $28,000. Oxford Asset Management LLP bought a new position in shares of W&T Offshore in the second quarter valued at approximately $29,000. Dynamic Technology Lab Private Ltd bought a new position in shares of W&T Offshore in the third quarter valued at approximately $32,000. Finally, Engineers Gate Manager LP acquired a new position in shares of W&T Offshore during the fourth quarter valued at approximately $32,000. 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.