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

Shares of W&T Offshore, Inc. (NYSE:WTI) gapped up before the market opened on Monday . The stock had previously closed at $3.68, but opened at $3.90. W&T Offshore shares last traded at $3.9950, with a volume of 2,198,943 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on WTI shares. Zacks Research lowered W&T Offshore from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. William Blair started coverage on W&T Offshore in a report on Friday, April 17th. They set an “outperform” rating for the company. Wall Street Zen upgraded W&T Offshore from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a report on Monday, April 20th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold”.

W&T Offshore Price Performance

The business has a 50 day moving average of $3.66 and a 200 day moving average of $2.66. The firm has a market capitalization of $598.84 million, a price-to-earnings ratio of -4.24 and a beta of 0.24.

W&T Offshore (NYSE:WTI) last issued its earnings results on Thursday, May 7th. The oil and gas company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.17). The company had revenue of $150.02 million during the quarter, compared to analyst estimates of $138.41 million. On average, sell-side analysts forecast that W&T Offshore, Inc. will post -0.12 EPS for the current fiscal year.

W&T Offshore Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 21st were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Thursday, May 21st. W&T Offshore’s dividend payout ratio is presently -4.21%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Deprince Race & Zollo Inc. raised its stake in shares of W&T Offshore by 16.0% in the fourth quarter. Deprince Race & Zollo Inc. now owns 1,502,907 shares of the oil and gas company’s stock valued at $2,450,000 after purchasing an additional 206,810 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of W&T Offshore by 447.3% in the third quarter. JPMorgan Chase & Co. now owns 257,635 shares of the oil and gas company’s stock valued at $469,000 after purchasing an additional 210,564 shares in the last quarter. UBS Group AG raised its stake in shares of W&T Offshore by 381.1% in the fourth 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 in the last quarter. Capricorn Fund Managers Ltd acquired a new position in shares of W&T Offshore in the first quarter valued at $34,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of W&T Offshore by 2,753.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 110,794 shares of the oil and gas company’s stock valued at $181,000 after purchasing an additional 106,911 shares in the last quarter. 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.