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

Key Points

• W&T Offshore shares gapped down at the open, falling from a prior close of $3.49 to $3.39 before last trading around $3.42.
• Recent analyst sentiment is mixed, with Wall Street Zen downgrading the stock to hold, while William Blair rates it outperform and Weiss Ratings maintains a sell; the current consensus is also hold.
• The company recently paid a quarterly dividend of $0.01 per share, equal to an annualized yield of about 1.1%, while institutional investors continue to hold a sizable stake in the stock.

W&T Offshore, Inc. (NYSE:WTI - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $3.49, but opened at $3.39. W&T Offshore shares last traded at $3.4210, with a volume of 665,220 shares changing hands.

Wall Street Analysts Forecast Growth

WTI has been the topic of a number of recent research reports. Wall Street Zen lowered shares of W&T Offshore from a "buy" rating to a "hold" rating in a report on Saturday, July 4th. William Blair assumed coverage on shares of W&T Offshore in a research report on Friday, April 17th. They issued an "outperform" rating for the company. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of W&T Offshore in a research note on Friday. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, W&T Offshore presently has a consensus rating of "Hold".

W&T Offshore Price Performance

The firm has a market cap of $522.96 million, a PE ratio of -3.71 and a beta of 0.24. The stock has a 50-day moving average price of $3.73 and a 200 day moving average price of $3.07.

W&T Offshore Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Thursday, May 21st were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.1%. W&T Offshore's dividend payout ratio is currently -4.21%.

Institutional Investors Weigh In On W&T Offshore

Several hedge funds have recently modified their holdings of the stock. UBS Group AG grew its position in W&T Offshore by 381.1% during 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 period. Goldman Sachs Group Inc. raised its holdings in shares of W&T Offshore by 115.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,666,494 shares of the oil and gas company's stock worth $2,716,000 after purchasing an additional 894,221 shares during the period. Millennium Management LLC raised its holdings in shares of 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 worth $4,660,000 after purchasing an additional 647,596 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of W&T Offshore in the 1st quarter valued at about $2,205,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of W&T Offshore by 25.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,540,588 shares of the oil and gas company's stock valued at $4,141,000 after purchasing an additional 508,050 shares in the last quarter. 42.88% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.