W&T Offshore (NYSE:WTI) Shares Gap Up – Time to Buy?

W&T Offshore, Inc. (NYSE:WTI) shares gapped up prior to trading on Thursday . The stock had previously closed at $3.01, but opened at $3.38. W&T Offshore shares last traded at $3.3610, with a volume of 2,772,456 shares trading hands.

Analyst Ratings Changes

Several analysts have issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a research note on Wednesday, January 21st. Zacks Research downgraded shares of W&T Offshore from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

W&T Offshore Stock Performance

The business’s fifty day moving average is $2.73 and its 200-day moving average is $2.17. The firm has a market cap of $467.91 million, a P/E ratio of -3.11 and a beta of 0.09.

W&T Offshore (NYSE:WTI) last announced its quarterly earnings results on Monday, March 16th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.08). The business had revenue of $121.71 million for the quarter, compared to analysts’ expectations of $115.36 million. Analysts predict 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 Thursday, March 26th. Shareholders of record on Thursday, March 19th were issued a dividend of $0.01 per share. The ex-dividend date was Thursday, March 19th. This represents a $0.04 annualized dividend and a yield of 1.3%. W&T Offshore’s dividend payout ratio (DPR) is presently -3.96%.

Institutional Investors Weigh In On W&T Offshore

Institutional investors have recently modified their holdings of the company. Fisher Asset Management LLC grew its stake in W&T Offshore by 55.7% during the second quarter. Fisher Asset Management LLC now owns 882,842 shares of the oil and gas company’s stock worth $1,457,000 after purchasing an additional 315,901 shares during the period. Quadrature Capital Ltd acquired a new position in W&T Offshore in the second quarter valued at approximately $176,000. JPMorgan Chase & Co. boosted its holdings in shares of W&T Offshore by 447.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 257,635 shares of the oil and gas company’s stock worth $469,000 after buying an additional 210,564 shares in the last quarter. R Squared Ltd boosted its holdings in shares of W&T Offshore by 62.0% during the 3rd quarter. R Squared Ltd now owns 59,341 shares of the oil and gas company’s stock worth $108,000 after buying an additional 22,721 shares in the last quarter. Finally, AXQ Capital LP acquired a new position in shares of W&T Offshore during the third quarter valued at about $28,000. 42.88% of the stock is owned by 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.