W&T Offshore (NYSE:WTI) Trading Down 6.2% - What's Next?

Key Points

• W&T Offshore shares fell 6.2% to approximately $3.88 in mid-day trading, while volume was about 80% below the stock’s average daily volume.
• Analyst sentiment is mixed, with one Buy, one Hold, and one Sell rating; the consensus rating is Hold with a $4.25 price target.
• The company’s latest quarterly EPS of $0.02 missed expectations of $0.04, although revenue of $162.62 million exceeded estimates. W&T Offshore also declared a $0.01 quarterly dividend, representing a 1.0% annualized yield.

W&T Offshore, Inc. (NYSE:WTI - Get Free Report) dropped 6.2% during mid-day trading on Wednesday . The stock traded as low as $3.90 and last traded at $3.8750. 1,110,323 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 5,605,270 shares. The stock had previously closed at $4.13.

Wall Street Analysts Forecast Growth

WTI has been the subject of several analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of W&T Offshore in a research note on Friday, July 17th. Roth Capital set a $4.25 price target on W&T Offshore in a research report on Tuesday, July 21st. Finally, Wall Street Zen cut W&T Offshore from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $4.25.

W&T Offshore Trading Down 5.4%

The firm has a market capitalization of $589.42 million, a price-to-earnings ratio of -5.36 and a beta of 0.28. The stock's fifty day moving average price is $3.68 and its two-hundred day moving average price is $3.56.

W&T Offshore (NYSE:WTI - Get Free Report) last issued its earnings results 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 company had revenue of $162.62 million for the quarter, compared to analysts' expectations of $157.46 million. Analysts anticipate that W&T Offshore, Inc. will post -0.08 earnings per share for the current fiscal year.

W&T Offshore Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 19th were issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Wednesday, August 19th. W&T Offshore's payout ratio is -5.48%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Legal & General Group Plc purchased a new stake in W&T Offshore during the second quarter worth approximately $28,000. Capricorn Fund Managers Ltd acquired a new position in W&T Offshore in the first quarter valued at approximately $34,000. Nierenberg Investment Management Company LLC acquired a new position in W&T Offshore in the second quarter valued at approximately $42,698. Corient Private Wealth LP purchased a new position in W&T Offshore in the second quarter valued at approximately $45,000. Finally, Callan Family Office LLC purchased a new position in W&T Offshore in the second quarter valued at approximately $47,000. Hedge funds and other 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.

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