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

Key Points

• W&T Offshore shares opened lower, falling from a prior close of $3.86 to $3.75 and last trading near $3.71.
• Analyst sentiment is mixed, with ratings split among Buy, Hold, and Sell; the overall consensus is Hold with an average price target of $4.25.
• The company reported quarterly EPS of $0.02, missing estimates by $0.02, while revenue exceeded expectations. W&T also maintained a $0.01 quarterly dividend, and institutional investors own 42.88% of its shares.

W&T Offshore, Inc. (NYSE:WTI - Get Free Report)'s stock price gapped down prior to trading on Friday. The stock had previously closed at $3.86, but opened at $3.75. W&T Offshore shares last traded at $3.7050, with a volume of 531,149 shares.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on WTI. Weiss Ratings reissued a "sell (d-)" rating on shares of W&T Offshore in a report on Friday, July 17th. Roth Capital set a $4.25 price target on shares of W&T Offshore in a research report on Tuesday, July 21st. Finally, Wall Street Zen cut 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 issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $4.25.

W&T Offshore Price Performance

The business has a 50-day simple moving average of $3.72 and a 200 day simple moving average of $3.60. The firm has a market cap of $545.65 million, a PE ratio of -4.95 and a beta of 0.28.

W&T Offshore (NYSE:WTI - Get Free Report) last released 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. On average, equities analysts forecast that W&T Offshore, Inc. will post -0.1 earnings per share for the current fiscal year.

W&T Offshore Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Investors 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 dividend yield of 1.1%. W&T Offshore's payout ratio is -5.48%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of WTI. BlackRock Inc. purchased a new stake in shares of W&T Offshore in the second quarter worth about $26,065,000. Bank of New York Mellon Corp purchased a new position in W&T Offshore during the 2nd quarter valued at approximately $3,592,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in W&T Offshore in the 2nd quarter worth approximately $3,353,000. Algert Global LLC increased its stake 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 worth $5,006,000 after acquiring an additional 1,033,167 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of W&T Offshore during the 1st quarter worth approximately $2,205,000. Institutional investors own 42.88% of the company's stock.

W&T Offshore Company Profile

W&T Offshore, Inc is an independent oil and 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.