W&T Offshore (NYSE:WTI) Shares Gap Up - Should You Buy?

Key Points

• W&T Offshore shares opened higher, rising from a previous close of $3.18 to $3.40 and last trading at $3.4550.
• Analyst sentiment is mixed, with two Buy ratings, one Hold and one Sell; the consensus rating is Hold, with an average price target of $4.25.
• The company pays a quarterly dividend of $0.01, equivalent to a 1.1% annualized yield, while institutional investors and hedge funds own 42.88% of the stock.

W&T Offshore, Inc. (NYSE:WTI - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $3.18, but opened at $3.40. W&T Offshore shares last traded at $3.4550, with a volume of 611,333 shares trading hands.

Analyst Upgrades and Downgrades

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

W&T Offshore Price Performance

The firm has a 50 day simple moving average of $3.60 and a 200-day simple moving average of $3.16. The stock has a market capitalization of $524.30 million, a price-to-earnings ratio of -3.71 and a beta of 0.24.

W&T Offshore Dividend Announcement

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

Hedge Funds Weigh In On W&T Offshore

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. StoneX Group Inc. acquired a new stake in shares of W&T Offshore during the fourth quarter worth approximately $28,000. Oxford Asset Management LLP bought a new position in shares of W&T Offshore in the second quarter valued at approximately $29,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of W&T Offshore in the 3rd quarter worth approximately $32,000. Engineers Gate Manager LP acquired a new position in shares of W&T Offshore in the 4th quarter worth 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 and hedge funds.

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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