W&T Offshore (NYSE:WTI) Trading Down 4.3% – Time to Sell?

Shares of W&T Offshore, Inc. (NYSE:WTI) fell 4.3% during mid-day trading on Thursday . The stock traded as low as $3.54 and last traded at $3.5230. 252,342 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 5,951,240 shares. The stock had previously closed at $3.68.

Analysts Set New Price Targets

Several research firms have weighed in on WTI. Roth Capital set a $4.25 target price on W&T Offshore in a report on Tuesday, July 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of W&T Offshore in a report on Friday, July 17th. Wall Street Zen downgraded W&T Offshore from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Finally, William Blair started coverage on W&T Offshore in a research report on Friday, April 17th. They set an “outperform” rating for the company. Two 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. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $4.25.

W&T Offshore Stock Performance

The stock’s 50-day simple moving average is $3.48 and its two-hundred day simple moving average is $3.30. The stock has a market cap of $547.17 million, a price-to-earnings ratio of -4.97 and a beta of 0.24.

W&T Offshore (NYSE:WTI) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). The firm had revenue of $162.62 million during the quarter, compared to the consensus estimate of $157.46 million. As a group, research analysts predict that W&T Offshore, Inc. will post -0.1 earnings per share for the current year.

W&T Offshore Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 19th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 19th. W&T Offshore’s payout ratio is currently -5.48%.

Institutional Investors Weigh In On W&T Offshore

Hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in W&T Offshore during the second quarter worth $26,065,000. Vanguard Group Inc. boosted its holdings in W&T Offshore by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,828,361 shares of the oil and gas company’s stock valued at $12,428,000 after purchasing an additional 19,283 shares during the period. Millennium Management LLC boosted its holdings in W&T Offshore by 24.2% in the 1st quarter. Millennium Management LLC now owns 3,071,610 shares of the oil and gas company’s stock valued at $4,761,000 after purchasing an additional 598,614 shares during the period. State Street Corp grew its position in W&T Offshore by 0.5% in the 4th quarter. State Street Corp now owns 2,680,643 shares of the oil and gas company’s stock worth $4,369,000 after purchasing an additional 14,426 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in W&T Offshore by 25.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,540,588 shares of the oil and gas company’s stock worth $4,141,000 after purchasing an additional 508,050 shares during the last quarter. 42.88% of the stock is owned by institutional investors.

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.