W&T Offshore (NYSE:WTI) Shares Up 5.8% – What’s Next?

W&T Offshore, Inc. (NYSE:WTI) shares were up 5.8% during trading on Friday. The stock traded as high as $4.03 and last traded at $4.1160. Approximately 225,204 shares changed hands during trading, a decline of 96% from the average daily volume of 5,344,440 shares. The stock had previously closed at $3.89.

Wall Street Analyst Weigh In

A number of analysts have commented on WTI shares. Weiss Ratings reissued a “sell (d-)” rating on shares of W&T Offshore in a report on Thursday, October 15th. Wall Street Zen downgraded 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 price target on W&T Offshore in a report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.25.

W&T Offshore Stock Up 8.4%

The firm’s fifty day moving average price is $3.78 and its two-hundred day moving average price is $3.68. The stock has a market capitalization of $636.21 million, a PE ratio of -5.77 and a beta of 0.35.

W&T Offshore (NYSE:WTI) last issued its 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 company had revenue of $162.62 million for the quarter, compared to the consensus estimate of $157.46 million. As a group, analysts predict that W&T Offshore, Inc. will post -0.09 EPS for the current year.

W&T Offshore Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 19th were paid a dividend of $0.01 per share. The ex-dividend date was Wednesday, August 19th. This represents a $0.04 dividend on an annualized basis and a yield of 0.9%. W&T Offshore’s payout ratio is currently -5.48%.

Hedge Funds Weigh In On W&T Offshore

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of W&T Offshore in the 2nd quarter worth $26,065,000. Algert Global LLC grew its holdings in shares of W&T Offshore by 185.8% in the second quarter. Algert Global LLC now owns 1,589,137 shares of the oil and gas company’s stock worth $5,006,000 after acquiring an additional 1,033,167 shares during the period. Bank of New York Mellon Corp purchased a new stake in W&T Offshore during the second quarter valued at $3,592,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in W&T Offshore during the second quarter valued at $3,353,000. Finally, Bank of America Corp DE increased its position in W&T Offshore by 4.2% during the first quarter. Bank of America Corp DE now owns 649,490 shares of the oil and gas company’s stock valued at $2,215,000 after acquiring an additional 26,262 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 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.