W&T Offshore (NYSE:WTI) Shares Cross Above 200 Day Moving Average - Here's Why

W&T Offshore, Inc. (NYSE:WTI - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.57 and traded as high as $1.86. W&T Offshore shares last traded at $1.86, with a volume of 2,044,828 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut shares of W&T Offshore from a "hold" rating to a "sell" rating in a research note on Sunday, June 22nd.

W&T Offshore Price Performance

The firm has a market cap of $263.56 million, a P/E ratio of -2.48 and a beta of 0.68. The stock's 50 day moving average is $1.66 and its two-hundred day moving average is $1.58.

W&T Offshore (NYSE:WTI - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The oil and gas company reported ($0.13) EPS for the quarter, beating analysts' consensus estimates of ($0.14) by $0.01. The firm had revenue of $129.87 million during the quarter, compared to analyst estimates of $123.91 million. As a group, research analysts forecast that W&T Offshore, Inc. will post -0.45 EPS for the current fiscal year.

W&T Offshore Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 27th. Shareholders of record on Tuesday, May 20th were given a $0.01 dividend. The ex-dividend date was Tuesday, May 20th. This represents a $0.04 dividend on an annualized basis and a yield of 2.24%. W&T Offshore's dividend payout ratio (DPR) is presently -5.56%.

Hedge Funds Weigh In On W&T Offshore

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its position in shares of W&T Offshore by 41.3% during the fourth quarter. Bank of New York Mellon Corp now owns 1,262,488 shares of the oil and gas company's stock worth $2,096,000 after purchasing an additional 368,803 shares in the last quarter. US Bancorp DE acquired a new position in shares of W&T Offshore during the fourth quarter worth approximately $33,000. Raymond James Financial Inc. acquired a new position in shares of W&T Offshore during the fourth quarter worth approximately $32,000. Inspire Advisors LLC acquired a new position in shares of W&T Offshore during the fourth quarter worth approximately $182,000. Finally, Quantbot Technologies LP acquired a new position in shares of W&T Offshore during the fourth quarter worth approximately $111,000. 42.88% of the stock is currently owned by institutional investors and hedge funds.

W&T Offshore Company Profile

W&T Offshore, Inc engages in the production, exploration, development, and acquisition of oil and natural gas properties. It focuses its operations in the Gulf of Mexico. The company was founded by Tracy W. Krohn in 1983 and is headquartered in Houston, TX.