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

Key Points

• W&T Offshore shares opened higher, rising from a previous close of $3.75 to $3.85 before trading at $3.78, with 239,660 shares changing hands.
• Analyst sentiment remains mixed: Roth Capital set a $4.25 price target, while Wall Street Zen downgraded the stock to “hold” and Weiss Ratings maintained a “sell” rating. The overall analyst consensus is “Hold,” with a $4.25 average price target.
• The company reported quarterly EPS of $0.02, below the $0.04 consensus estimate, though revenue of $162.62 million exceeded expectations. W&T Offshore also declared a quarterly dividend of $0.01, equal to a 1.1% annualized yield.

Shares of W&T Offshore, Inc. (NYSE:WTI - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $3.75, but opened at $3.85. W&T Offshore shares last traded at $3.78, with a volume of 239,660 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Roth Capital set a $4.25 price target on shares of W&T Offshore in a research report on Tuesday, July 21st. Wall Street Zen lowered 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 research 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 data from MarketBeat, the company has an average rating of "Hold" and an average price target of $4.25.

W&T Offshore Stock Performance

The stock has a market cap of $571.31 million, a PE ratio of -5.20 and a beta of 0.24. The stock has a fifty day simple moving average of $3.46 and a two-hundred day simple moving average of $3.33.

W&T Offshore (NYSE:WTI - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $162.62 million for the quarter, compared to the consensus estimate of $157.46 million. On average, equities analysts predict that W&T Offshore, Inc. will post -0.1 EPS for the current fiscal year.

W&T Offshore Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 19th will be issued a $0.01 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $0.04 dividend on an annualized basis and a yield of 1.1%. W&T Offshore's payout ratio is currently -5.48%.

Hedge Funds Weigh In On W&T Offshore

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. increased its position in shares of W&T Offshore by 1.4% during the fourth quarter. Invesco Ltd. now owns 312,081 shares of the oil and gas company's stock worth $509,000 after acquiring an additional 4,241 shares during the last quarter. Graham Capital Management L.P. lifted its stake in shares of W&T Offshore by 7.6% in the fourth quarter. Graham Capital Management L.P. now owns 87,530 shares of the oil and gas company's stock worth $143,000 after acquiring an additional 6,195 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in W&T Offshore by 21.7% in the third quarter. NewEdge Advisors LLC now owns 36,610 shares of the oil and gas company's stock valued at $67,000 after purchasing an additional 6,524 shares during the last quarter. Raymond James Financial Inc. boosted its holdings in W&T Offshore by 42.7% in the second quarter. Raymond James Financial Inc. now owns 21,957 shares of the oil and gas company's stock valued at $36,000 after purchasing an additional 6,569 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in W&T Offshore by 3.0% in the third quarter. Alliancebernstein L.P. now owns 283,774 shares of the oil and gas company's stock valued at $516,000 after purchasing an additional 8,200 shares during the last quarter. 42.88% of the stock is owned by hedge funds and other 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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