W&T Offshore (NYSE:WTI) Shares Gap Down - Time to Sell?

Key Points

• W&T Offshore shares fell 7%, opening at $3.39 versus a previous close of $3.66, before trading at $3.54 on nearly 978,000 shares.
• Analyst sentiment is mixed: coverage includes two Buy ratings, one Hold and one Sell, resulting in an overall “Hold” consensus and a $4.25 average price target.
• The company maintains a quarterly dividend of $0.01, equivalent to a 1.2% annualized yield; institutional investors own 42.88% of the outstanding shares.

W&T Offshore, Inc. (NYSE:WTI - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $3.66, but opened at $3.39. W&T Offshore shares last traded at $3.54, with a volume of 977,519 shares changing hands.

Analysts Set New Price Targets

Several analysts have issued reports on WTI shares. William Blair began coverage on W&T Offshore in a research note on Friday, April 17th. They issued an "outperform" rating on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of W&T Offshore in a research note on Friday, July 17th. Wall Street Zen lowered W&T Offshore from a "buy" rating to a "hold" rating in a report on Saturday, July 4th. Finally, Roth Capital set a $4.25 price objective on W&T Offshore in a research note on Tuesday, July 21st. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $4.25.

W&T Offshore Stock Down 7.0%

The company has a market capitalization of $506.60 million, a PE ratio of -3.58 and a beta of 0.24. The company has a 50-day moving average price of $3.66 and a two-hundred day moving average price of $3.14.

W&T Offshore Dividend Announcement

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

Institutional Investors Weigh In On W&T Offshore

Several hedge funds and other institutional investors have recently modified their holdings of WTI. StoneX Group Inc. purchased a new stake in shares of W&T Offshore in the fourth quarter worth about $28,000. Oxford Asset Management LLP purchased a new position in W&T Offshore during the second quarter valued at approximately $29,000. Dynamic Technology Lab Private Ltd purchased a new position in W&T Offshore during the third quarter valued at approximately $32,000. Engineers Gate Manager LP purchased a new position in W&T Offshore during the fourth quarter valued at approximately $32,000. Finally, Capricorn Fund Managers Ltd bought a new stake in W&T Offshore during the 1st quarter worth approximately $34,000. 42.88% of the stock is currently owned by institutional investors.

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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