W&T Offshore (NYSE:WTI) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

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) announced its earnings results on Monday. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.14) by $0.06, Zacks reports. The business had revenue of $122.37 million for the quarter, compared to analysts' expectations of $131.30 million.

W&T Offshore Stock Performance

WTI traded up $0.03 on Friday, hitting $1.75. 485,387 shares of the company were exchanged, compared to its average volume of 1,801,635. The firm has a market capitalization of $257.65 million, a P/E ratio of -2.30 and a beta of 0.70. W&T Offshore has a fifty-two week low of $1.09 and a fifty-two week high of $2.84. The business's fifty day moving average is $1.80 and its 200 day moving average is $1.58.

W&T Offshore Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 25th. Investors of record on Monday, August 18th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Monday, August 18th. W&T Offshore's dividend payout ratio is currently -5.26%.

Institutional Trading of W&T Offshore

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC raised its position in shares of W&T Offshore by 24.2% in the 1st quarter. Millennium Management LLC now owns 3,071,610 shares of the oil and gas company's stock worth $4,761,000 after buying an additional 598,614 shares during the period. Geode Capital Management LLC grew its holdings in shares of W&T Offshore by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,341,646 shares of the oil and gas company's stock worth $3,864,000 after purchasing an additional 52,982 shares during the period. Jane Street Group LLC raised its holdings in shares of W&T Offshore by 826.2% during the 1st quarter. Jane Street Group LLC now owns 324,807 shares of the oil and gas company's stock valued at $503,000 after buying an additional 289,739 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in W&T Offshore by 309.7% in the first quarter. AQR Capital Management LLC now owns 120,911 shares of the oil and gas company's stock valued at $187,000 after purchasing an additional 91,400 shares during the last quarter. 42.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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.

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.