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

Key Points

• W&T Offshore shares fell 5.2%, opening at $3.84 versus the prior close of $4.05 and later trading near $3.81 on volume of approximately 716,000 shares.
• Analyst sentiment remains mixed, with Buy, Hold, and Sell ratings producing a consensus “Hold” rating and a $4.25 target price.
• The company exceeded quarterly expectations, reporting $0.01 EPS versus the forecasted $0.06 loss and revenue of $167.08 million versus the $144.97 million estimate; it also declared a $0.01 quarterly dividend.

W&T Offshore, Inc. (NYSE:WTI - Get Free Report) shares gapped down before the market opened on Monday. The stock had previously closed at $4.05, but opened at $3.84. W&T Offshore shares last traded at $3.8050, with a volume of 715,836 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of W&T Offshore in a report on Thursday, October 15th. Wall Street Zen raised shares of W&T Offshore from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Roth Capital set a $4.25 target price on shares of W&T Offshore in a report on Tuesday, July 21st. 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 company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $4.25.

W&T Offshore Stock Performance

The company's 50-day moving average price is $3.82 and its 200 day moving average price is $3.40. The stock has a market capitalization of $572.36 million, a PE ratio of -10.90 and a beta of 0.30.

W&T Offshore (NYSE:WTI - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The oil and gas company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.07. The company had revenue of $167.08 million for the quarter, compared to analysts' expectations of $144.97 million. Analysts expect that W&T Offshore, Inc. will post -0.09 earnings per share for the current year.

W&T Offshore Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 12th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, November 12th. W&T Offshore's payout ratio is presently -11.76%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of W&T Offshore during the second quarter valued at approximately $26,065,000. Algert Global LLC raised its holdings in 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 purchasing an additional 1,033,167 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in W&T Offshore by 10.4% in the first quarter. Bank of New York Mellon Corp now owns 1,137,443 shares of the oil and gas company's stock worth $3,879,000 after purchasing an additional 106,779 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in W&T Offshore during the second quarter valued at $3,353,000. Finally, Bank of America Corp DE lifted 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 buying an additional 26,262 shares during the period. 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 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.

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