W&T Offshore (NYSE:WTI) Announces Quarterly Earnings Results

Key Points

• W&T Offshore reported a quarterly loss of ($0.08) EPS, surpassing analysts' expectations of a ($0.13) loss by $0.05.
• The company declared a quarterly dividend of $0.01, reflecting an annualized dividend yield of 2.3%.
• Several hedge funds increased their stakes in W&T Offshore, with Jane Street Group notably expanding its position by 826.2% in the first quarter.

W&T Offshore (NYSE:WTI - Get Free Report) issued its earnings results on Monday. The oil and gas company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.06, Zacks reports. The firm had revenue of $122.37 million during the quarter, compared to the consensus estimate of $131.30 million.

W&T Offshore Stock Up 1.5%

Shares of WTI stock opened at $1.73 on Tuesday. The firm has a fifty day moving average of $1.78 and a 200-day moving average of $1.58. W&T Offshore has a 12-month low of $1.09 and a 12-month high of $2.84. The company has a market capitalization of $254.70 million, a price-to-earnings ratio of -2.40 and a beta of 0.70.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of W&T Offshore from a "hold" rating to a "sell" rating in a research note on Sunday, June 22nd.

Institutional Investors Weigh In On W&T Offshore

Large investors have recently made changes to their positions in the stock. AQR Capital Management LLC increased its position in shares of W&T Offshore by 309.7% during the first quarter. AQR Capital Management LLC now owns 120,911 shares of the oil and gas company's stock worth $187,000 after acquiring an additional 91,400 shares in the last quarter. Jane Street Group LLC increased its position in shares of W&T Offshore by 826.2% during the first quarter. Jane Street Group LLC now owns 324,807 shares of the oil and gas company's stock worth $503,000 after acquiring an additional 289,739 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in W&T Offshore by 24.2% during the first quarter. Millennium Management LLC now owns 3,071,610 shares of the oil and gas company's stock worth $4,761,000 after purchasing an additional 598,614 shares during the last quarter. Institutional investors own 42.88% of the company's stock.

W&T Offshore Company Profile

W&T Offshore, Inc engages in the production, exploration, development, and acquisition of oil and natural gas properties. It focuses its operations in the Gulf of Mexico. The company was founded by Tracy W. Krohn in 1983 and is headquartered in Houston, TX.