W&T Offshore (NYSE:WTI) Stock Breaks Below Fifty Day Moving Average - Here's Why

Key Points

• W&T Offshore shares fell below their 50-day moving average, trading as low as $3.58 before closing near $3.595, below the $3.82 average.
• Analyst sentiment remains mixed, with ratings split among Buy, Hold, and Sell; MarketBeat reports a consensus Hold rating and a $4.25 average price target.
• The company exceeded quarterly expectations, reporting $0.01 in earnings per share and $167.08 million in revenue, and declared a quarterly dividend of $0.01 per share, equal to a 1.1% annualized yield.

Shares of W&T Offshore, Inc. (NYSE:WTI - Get Free Report) passed below its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $3.82 and traded as low as $3.58. W&T Offshore shares last traded at $3.5950, with a volume of 7,203,568 shares.

Wall Street Analyst Weigh In

WTI has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of W&T Offshore in a research report on Thursday, October 15th. Roth Capital set a $4.25 target price on W&T Offshore in a research note on Tuesday, July 21st. Finally, Wall Street Zen upgraded shares of W&T Offshore from a "hold" rating to a "buy" rating in a report on Saturday. One equities research 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. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $4.25.

W&T Offshore Price Performance

The firm has a 50-day moving average of $3.82 and a 200 day moving average of $3.40. The stock has a market capitalization of $542.63 million, a price-to-earnings ratio of -10.57 and a beta of 0.35.

W&T Offshore (NYSE:WTI - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The oil and gas company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.07. The company had revenue of $167.08 million for the quarter, compared to analyst estimates of $144.97 million. On average, equities analysts forecast that W&T Offshore, Inc. will post -0.09 earnings per share for the current year.

W&T Offshore Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 12th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Thursday, November 12th. This represents a $0.04 annualized dividend and a dividend yield of 1.1%. W&T Offshore's dividend payout ratio (DPR) is currently -11.76%.

Hedge Funds Weigh In On W&T Offshore

A number of institutional investors have recently added to or reduced their stakes in WTI. Legal & General Group Plc acquired a new stake in W&T Offshore in the second quarter valued at $28,000. Nierenberg Investment Management Company LLC bought a new position in shares of W&T Offshore in the 2nd quarter valued at about $42,698. Corient Private Wealth LP acquired a new position in shares of W&T Offshore during the 2nd quarter worth about $45,000. Callan Family Office LLC acquired a new position in shares of W&T Offshore during the 2nd quarter worth about $47,000. Finally, Simplicity Wealth LLC acquired a new position in shares of W&T Offshore during the 2nd quarter worth about $51,000. 42.88% of the stock is currently owned by institutional investors and hedge funds.

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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