W&T Offshore (NYSE:WTI) Shares Cross Above 200-Day Moving Average - Here's What Happened

Key Points

• W&T Offshore shares crossed above their 200-day moving average, reaching $3.97 before closing near $3.96, compared with a 200-day average of $3.67.
• Analyst sentiment remains mixed: ratings include Buy, Hold, and Sell, resulting in a consensus Hold rating and an average price target of $4.25.
• The company reported quarterly EPS of $0.02, below the $0.04 consensus estimate, while revenue exceeded expectations; it also maintained a quarterly dividend of $0.01 per share.

Shares of W&T Offshore, Inc. (NYSE:WTI - Get Free Report) crossed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $3.67 and traded as high as $3.97. W&T Offshore shares last traded at $3.9550, with a volume of 4,504,758 shares changing hands.

Wall Street Analysts Forecast Growth

WTI has been the subject of a number of recent analyst reports. Roth Capital set a $4.25 price objective on shares of W&T Offshore in a report on Tuesday, July 21st. Wall Street Zen lowered shares of W&T Offshore from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of W&T Offshore in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $4.25.

W&T Offshore Price Performance

The company has a market capitalization of $596.97 million, a price-to-earnings ratio of -5.42 and a beta of 0.35. The firm has a fifty day simple moving average of $3.77 and a 200 day simple moving average of $3.67.

W&T Offshore (NYSE:WTI - Get Free Report) last announced its earnings results on Wednesday, August 5th. The oil and gas company reported $0.02 earnings per share 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 analyst estimates of $157.46 million. Research 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 declared a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Wednesday, August 19th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Wednesday, August 19th. W&T Offshore's payout ratio is presently -5.48%.

Hedge Funds Weigh In On W&T Offshore

A number of large investors have recently added to or reduced their stakes in WTI. BlackRock Inc. acquired a new position in W&T Offshore in the 2nd quarter valued at $26,065,000. Bank of New York Mellon Corp purchased a new stake in W&T Offshore during the 2nd quarter valued at about $3,592,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in W&T Offshore in the 2nd quarter valued at about $3,353,000. Algert Global LLC raised its holdings in W&T Offshore by 185.8% in the 2nd quarter. Algert Global LLC now owns 1,589,137 shares of the oil and gas company's stock valued at $5,006,000 after acquiring an additional 1,033,167 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in W&T Offshore in the 1st quarter worth approximately $2,205,000. 42.88% of the stock is currently owned by institutional investors and hedge funds.

About W&T Offshore

W&T Offshore, Inc is an independent oil and natural gas exploration and production company focused on offshore properties in the Gulf of Mexico. The company explores for, develops, and produces crude oil, natural gas, and natural gas liquids from assets located primarily in federal waters.

W&T Offshore operates across shallow-water shelf and deepwater areas of the Gulf of Mexico. Its activities include acquiring prospective acreage, drilling and completing wells, managing production operations, and developing existing fields and discoveries.

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