W&T Offshore (NYSE:WTI) Shares Down 7% – Here’s What Happened

W&T Offshore, Inc. (NYSE:WTI) was down 7% on Thursday . The company traded as low as $4.14 and last traded at $4.1660. Approximately 4,419,275 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 6,698,559 shares. The stock had previously closed at $4.48.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on WTI shares. Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a report on Monday, April 20th. William Blair began coverage on shares of W&T Offshore in a research note on Friday, April 17th. They set an “outperform” rating for the company. Finally, Zacks Research lowered shares of W&T Offshore from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Two 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. According to MarketBeat.com, W&T Offshore has an average rating of “Hold”.

W&T Offshore Trading Down 1.7%

The stock has a market capitalization of $615.80 million, a PE ratio of -4.10 and a beta of 0.28. The firm has a 50 day moving average price of $3.15 and a 200 day moving average price of $2.36.

W&T Offshore (NYSE:WTI) last posted its quarterly earnings data on Monday, March 16th. The oil and gas company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.08). The firm had revenue of $121.71 million during the quarter, compared to analysts’ expectations of $115.36 million. On average, equities research analysts expect that W&T Offshore, Inc. will post -0.22 EPS for the current year.

W&T Offshore Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 26th. Stockholders of record on Thursday, March 19th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Thursday, March 19th. W&T Offshore’s dividend payout ratio is -3.96%.

Institutional Investors Weigh In On W&T Offshore

Several hedge funds and other institutional investors have recently modified their holdings of WTI. UBS Group AG boosted its holdings in shares of W&T Offshore by 381.1% during the 4th quarter. UBS Group AG now owns 2,400,024 shares of the oil and gas company’s stock valued at $3,912,000 after purchasing an additional 1,901,213 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of W&T Offshore by 115.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,666,494 shares of the oil and gas company’s stock valued at $2,716,000 after purchasing an additional 894,221 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of W&T Offshore by 33.9% during the 3rd quarter. Millennium Management LLC now owns 2,560,561 shares of the oil and gas company’s stock valued at $4,660,000 after purchasing an additional 647,596 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of W&T Offshore by 25.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,540,588 shares of the oil and gas company’s stock valued at $4,141,000 after purchasing an additional 508,050 shares during the last quarter. Finally, First Trust Advisors LP bought a new position in shares of W&T Offshore during the 3rd quarter valued at about $853,000. 42.88% of the stock is currently owned by hedge funds and other institutional investors.

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.