W&T Offshore (NYSE:WTI) Shares Cross Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• W&T Offshore's share price has recently crossed above its 200-day moving average of $1.58, reaching a trading high of $1.78 on Thursday.
• The company reported a quarterly earnings per share of ($0.13), surpassing analyst expectations of ($0.14), with revenues of $129.87 million.
• Wall Street Zen downgraded W&T Offshore from a "hold" to a "sell" rating, reflecting concerns among analysts regarding the company's performance and outlook.

W&T Offshore, Inc. (NYSE:WTI - Get Free Report) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $1.58 and traded as high as $1.78. W&T Offshore shares last traded at $1.76, with a volume of 1,543,119 shares traded.

Analyst Upgrades and Downgrades

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

W&T Offshore Trading Up 4.9%

The company has a market cap of $269.46 million, a P/E ratio of -2.53 and a beta of 0.68. The firm's 50 day moving average price is $1.74 and its 200-day moving average price is $1.58.

W&T Offshore (NYSE:WTI - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The oil and gas company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.14) by $0.01. The firm had revenue of $129.87 million during the quarter, compared to analyst estimates of $123.91 million. Analysts predict that W&T Offshore, Inc. will post -0.45 earnings per share for the current fiscal year.

W&T Offshore Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 27th. Stockholders of record on Tuesday, May 20th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date was Tuesday, May 20th. W&T Offshore's dividend payout ratio is presently -5.56%.

Hedge Funds Weigh In On W&T Offshore

A number of institutional investors have recently added to or reduced their stakes in WTI. Ameriprise Financial Inc. increased its holdings in W&T Offshore by 427.0% during the fourth quarter. Ameriprise Financial Inc. now owns 3,831,604 shares of the oil and gas company's stock worth $6,360,000 after buying an additional 3,104,484 shares during the last quarter. Huber Capital Management LLC increased its holdings in W&T Offshore by 35.8% during the first quarter. Huber Capital Management LLC now owns 6,858,684 shares of the oil and gas company's stock worth $10,631,000 after buying an additional 1,808,234 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in W&T Offshore during the fourth quarter worth $1,608,000. Millennium Management LLC increased 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 buying an additional 598,614 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in W&T Offshore by 142.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 839,446 shares of the oil and gas company's stock worth $1,301,000 after buying an additional 493,692 shares during the last quarter. 42.88% of the stock is currently owned by institutional investors and hedge funds.

About W&T Offshore

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.