W&T Offshore (NYSE:WTI) Releases Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Key Points

• W&T Offshore reported quarterly EPS of $0.02, missing the $0.04 analyst consensus by $0.02, while revenue of $162.62 million exceeded expectations of $157.46 million.
• Shares fell 3.9% to $3.29 following the results. Analysts have a consensus “Hold” rating and a $4.25 target price.
• The company paid a quarterly dividend of $0.01 per share, equal to $0.04 annually and a 1.2% yield; institutional investors and hedge funds own 42.88% of the stock.

W&T Offshore (NYSE:WTI - Get Free Report) posted its quarterly earnings data on Wednesday. The oil and gas company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02), FiscalAI reports. The company had revenue of $162.62 million for the quarter, compared to analysts' expectations of $157.46 million.

W&T Offshore Stock Down 3.9%

Shares of WTI traded down $0.14 on Wednesday, hitting $3.29. 4,809,559 shares of the stock traded hands, compared to its average volume of 6,004,666. W&T Offshore has a 1 year low of $1.50 and a 1 year high of $5.08. The stock's 50 day moving average is $3.52 and its two-hundred day moving average is $3.23. The firm has a market capitalization of $488.74 million, a P/E ratio of -3.46 and a beta of 0.24.

W&T Offshore Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Thursday, May 21st were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, May 21st. W&T Offshore's dividend payout ratio (DPR) is currently -4.21%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on WTI. William Blair started coverage on shares of W&T Offshore in a report on Friday, April 17th. They issued an "outperform" rating on the stock. Roth Capital set a $4.25 target price on W&T Offshore in a research report on Tuesday, July 21st. Wall Street Zen cut W&T Offshore from a "buy" rating to a "hold" rating in a report on Saturday, July 4th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of W&T Offshore in a report on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $4.25.

Hedge Funds Weigh In On W&T Offshore

Institutional investors have recently added to or reduced their stakes in the business. StoneX Group Inc. purchased a new position in shares of W&T Offshore during the 4th quarter worth about $28,000. Oxford Asset Management LLP purchased a new stake in W&T Offshore in the second quarter valued at approximately $29,000. Engineers Gate Manager LP acquired a new position in W&T Offshore during the fourth quarter worth approximately $32,000. Dynamic Technology Lab Private Ltd purchased a new position in W&T Offshore during the third quarter worth approximately $32,000. Finally, Raymond James Financial Inc. raised its stake in W&T Offshore by 42.7% during the second quarter. Raymond James Financial Inc. now owns 21,957 shares of the oil and gas company's stock worth $36,000 after purchasing an additional 6,569 shares during the period. 42.88% of the stock is currently owned by institutional investors and hedge funds.

About W&T Offshore

W&T Offshore, Inc is an independent oil and gas exploration and production company focused primarily on offshore operations in the Gulf of Mexico. The company acquires, develops and produces crude oil and natural gas reserves, operating a portfolio of producing properties that encompasses both shallow-water and deepwater assets. W&T Offshore leverages its technical expertise and asset management capabilities to optimize field development and production efficiency across its portfolio.

Founded in 1983 and headquartered in Covington, Louisiana, W&T Offshore has built a track record of disciplined growth through strategic acquisitions and targeted exploration activities.

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