W&T Offshore (NYSE:WTI) Shares Gap Down - Here's What Happened

Key Points

• W&T Offshore shares fell sharply at Monday’s open, dropping from a prior close of $3.59 to $3.35 before last trading near $3.42 on volume of approximately 694,000 shares.
• Analyst sentiment is mixed: two analysts rate the stock Buy, one Hold and one Sell. The consensus rating is Hold, with a target price of $4.25.
• The company pays a quarterly dividend of $0.01 per share, equivalent to a $0.04 annualized dividend and a 1.1% yield, while institutional investors own 42.88% of outstanding shares.

W&T Offshore, Inc. (NYSE:WTI - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $3.59, but opened at $3.35. W&T Offshore shares last traded at $3.4230, with a volume of 693,560 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Roth Capital set a $4.25 price target on W&T Offshore in a report on Tuesday, July 21st. William Blair started coverage on shares of W&T Offshore in a report on Friday, April 17th. They issued an "outperform" rating for the company. Wall Street Zen downgraded W&T Offshore from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of W&T Offshore in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $4.25.

W&T Offshore Price Performance

The business's 50 day simple moving average is $3.55 and its 200 day simple moving average is $3.20. The stock has a market cap of $521.47 million, a P/E ratio of -3.69 and a beta of 0.24.

W&T Offshore Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 21st were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Thursday, May 21st. W&T Offshore's dividend payout ratio (DPR) is -4.21%.

Institutional Trading of W&T Offshore

A number of large investors have recently bought and sold shares of WTI. UBS Group AG raised its stake in shares of W&T Offshore by 381.1% in the fourth quarter. UBS Group AG now owns 2,400,024 shares of the oil and gas company's stock valued at $3,912,000 after acquiring an additional 1,901,213 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in W&T Offshore by 115.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,666,494 shares of the oil and gas company's stock valued at $2,716,000 after purchasing an additional 894,221 shares in the last quarter. Millennium Management LLC raised its position in W&T Offshore by 33.9% in the 3rd quarter. Millennium Management LLC now owns 2,560,561 shares of the oil and gas company's stock valued at $4,660,000 after purchasing an additional 647,596 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in W&T Offshore in the 1st quarter valued at $2,205,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in W&T Offshore by 25.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,540,588 shares of the oil and gas company's stock worth $4,141,000 after purchasing an additional 508,050 shares in the last quarter. 42.88% of the stock is currently owned by institutional investors.

W&T Offshore Company Profile

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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