W&T Offshore (NYSE:WTI) Shares Gap Down - Here's Why

Key Points

• W&T Offshore shares opened lower, dropping from a prior close of $3.89 to $3.79 before trading at $3.8350 on volume of about 743,000 shares.
• Analyst sentiment is mixed, with one Buy, one Hold and one Sell rating; the consensus is “Hold” with an average price target of $4.25. The company’s latest quarterly EPS of $0.02 missed estimates, although revenue exceeded expectations.
• W&T Offshore paid a quarterly dividend of $0.01 per share, equivalent to a 1.0% annualized yield, while institutional investors and hedge funds own approximately 42.88% of the company.

W&T Offshore, Inc. (NYSE:WTI - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $3.89, but opened at $3.79. W&T Offshore shares last traded at $3.8350, with a volume of 743,058 shares changing hands.

Wall Street Analysts Forecast Growth

WTI has been the topic of several 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 research report on Tuesday, July 21st. Finally, 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. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $4.25.

W&T Offshore Trading Up 0.4%

The stock has a market capitalization of $589.42 million, a P/E ratio of -5.35 and a beta of 0.28. The business's fifty day simple moving average is $3.68 and its two-hundred day simple moving average is $3.57.

W&T Offshore (NYSE:WTI - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). The firm had revenue of $162.62 million for the quarter, compared to analyst estimates of $157.46 million. On average, equities research analysts anticipate that W&T Offshore, Inc. will post -0.08 earnings per share for the current year.

W&T Offshore Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 19th were given 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 dividend yield of 1.0%. W&T Offshore's payout ratio is currently -5.48%.

Institutional Investors Weigh In On W&T Offshore

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of W&T Offshore during the 2nd quarter worth approximately $26,065,000. UBS Group AG raised its stake in W&T Offshore by 381.1% during the fourth quarter. UBS Group AG now owns 2,400,024 shares of the oil and gas company's stock worth $3,912,000 after acquiring an additional 1,901,213 shares in the last quarter. Algert Global LLC lifted its holdings in shares of W&T Offshore by 185.8% during the second 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 period. Bank of New York Mellon Corp acquired a new stake in shares of W&T Offshore in the 2nd quarter valued at $3,592,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of W&T Offshore in the 2nd quarter worth about $3,353,000. Institutional investors and hedge funds own 42.88% of the company's stock.

About W&T Offshore

W&T Offshore, Inc is an independent oil and natural gas exploration and production company focused primarily on assets in 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 include interests in producing fields and prospective exploration areas across the Gulf of Mexico, including shallow-water and deepwater assets. Its activities cover the full upstream lifecycle, including geological evaluation, drilling, field development, production, and asset management.

Founded in 1983 by Tracy W.

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