W&T Offshore (NYSE:WTI) Shares Cross Above 200 Day Moving Average – What’s Next?

Shares of W&T Offshore, Inc. (NYSE:WTI) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.28 and traded as high as $3.24. W&T Offshore shares last traded at $3.2350, with a volume of 7,600,686 shares changing hands.

Analysts Set New Price Targets

WTI has been the topic of a number of research reports. Zacks Research cut shares of W&T Offshore from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a report on Wednesday, January 21st. Finally, William Blair initiated coverage on shares of W&T Offshore in a report on Friday. They set an “outperform” rating on the stock. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold”.

W&T Offshore Stock Performance

The firm has a 50-day moving average price of $2.92 and a 200-day moving average price of $2.28. The stock has a market cap of $481.30 million, a PE ratio of -3.20 and a beta of 0.09.

W&T Offshore (NYSE:WTI) last posted 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 firm had revenue of $121.71 million during the quarter, compared to analysts’ expectations of $115.36 million. As a group, sell-side analysts anticipate that W&T Offshore, Inc. will post -0.43 EPS for the current fiscal year.

W&T Offshore Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 26th. Stockholders of record on Thursday, March 19th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, March 19th. W&T Offshore’s payout ratio is currently -3.96%.

Hedge Funds Weigh In On W&T Offshore

Several large investors have recently modified their holdings of WTI. AXQ Capital LP purchased a new position in shares of W&T Offshore in the 3rd quarter worth about $28,000. StoneX Group Inc. purchased a new position in W&T Offshore in the 4th quarter worth about $28,000. Oxford Asset Management LLP purchased a new position in W&T Offshore in the 2nd quarter worth about $29,000. Wealth Enhancement Advisory Services LLC purchased a new position in W&T Offshore in the 3rd quarter worth about $30,000. Finally, HBK Sorce Advisory LLC purchased a new position in W&T Offshore in the 3rd quarter worth about $30,000. Hedge funds and other institutional investors own 42.88% of the company’s stock.

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.