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

W&T Offshore, Inc. (NYSE:WTI)’s stock price 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 traded.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on WTI shares. Roth Capital set a $4.25 target price on shares of W&T Offshore in a research note on Tuesday, July 21st. William Blair initiated coverage on shares of W&T Offshore in a research note on Friday, April 17th. They set an “outperform” rating on the stock. Wall Street Zen lowered shares of W&T Offshore from a “buy” rating to a “hold” rating in a report on Saturday, July 4th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a research report 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $4.25.

W&T Offshore Price Performance

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

W&T Offshore Announces Dividend

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

Hedge Funds Weigh In On W&T Offshore

Several large investors have recently bought and sold shares of the business. Capricorn Fund Managers Ltd bought a new position in W&T Offshore in the first quarter valued at approximately $34,000. StoneX Group Inc. bought a new stake in shares of W&T Offshore during the 4th quarter valued at $28,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of W&T Offshore during the 3rd quarter valued at $32,000. Oxford Asset Management LLP acquired a new position in shares of W&T Offshore in the 2nd quarter valued at $29,000. Finally, Walleye Capital LLC acquired a new position in shares of W&T Offshore in the 1st quarter valued at $62,000. 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.