W&T Offshore (NYSE:WTI) Stock Price Up 6.6% - What's Next?

Key Points

• W&T Offshore shares rose 6.6% to $4.115, although trading volume was 84% below the stock’s average session volume.
• Analysts maintain an overall “Hold” rating with an average price target of $4.25; ratings include two Buys, one Hold and one Sell.
• The company’s latest quarterly results fell short on earnings, reporting $0.02 per share versus the $0.04 consensus estimate, while revenue exceeded expectations. W&T also declared a quarterly dividend of $0.01 per share.

W&T Offshore, Inc. (NYSE:WTI - Get Free Report)'s stock price shot up 6.6% on Thursday . The stock traded as high as $4.17 and last traded at $4.1150. 934,836 shares changed hands during trading, a decline of 84% from the average session volume of 5,847,097 shares. The stock had previously closed at $3.86.

Analysts Set New Price Targets

A number of research firms have recently issued reports on WTI. Wall Street Zen cut W&T Offshore from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Roth Capital set a $4.25 target price on W&T Offshore in a research report on Tuesday, July 21st. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of W&T Offshore in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $4.25.

W&T Offshore Stock Up 5.1%

The stock has a market cap of $612.06 million, a price-to-earnings ratio of -5.55 and a beta of 0.24. The company's 50-day moving average is $3.46 and its 200-day moving average is $3.36.

W&T Offshore (NYSE:WTI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). The business had revenue of $162.62 million for the quarter, compared to analysts' expectations of $157.46 million. On average, research analysts forecast that W&T Offshore, Inc. will post -0.1 earnings per share for the current year.

W&T Offshore Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Wednesday, August 19th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $0.04 annualized dividend and a yield of 1.0%. W&T Offshore's payout ratio is currently -5.48%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of WTI. Legal & General Group Plc acquired a new stake in shares of W&T Offshore in the 2nd quarter valued at $28,000. StoneX Group Inc. bought a new position in W&T Offshore during the 4th quarter valued at about $28,000. Oxford Asset Management LLP acquired a new position in W&T Offshore in the second quarter valued at about $29,000. Dynamic Technology Lab Private Ltd bought a new stake in W&T Offshore during the third quarter worth about $32,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of W&T Offshore during the fourth quarter worth approximately $32,000. 42.88% of the stock is currently 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.

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