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

Shares of W&T Offshore, Inc. (NYSE:WTI) gapped up before the market opened on Friday . The stock had previously closed at $3.33, but opened at $3.44. W&T Offshore shares last traded at $3.3860, with a volume of 887,933 shares.

Wall Street Analyst Weigh In

Several research firms recently commented on WTI. William Blair began coverage on shares of W&T Offshore in a report on Friday, April 17th. They set an “outperform” rating on the stock. Wall Street Zen downgraded shares of W&T Offshore from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a research report on Monday, April 20th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold”.

W&T Offshore Trading Up 5.0%

The stock has a 50 day simple moving average of $3.73 and a 200 day simple moving average of $3.06. The firm has a market capitalization of $519.99 million, a PE ratio of -3.68 and a beta of 0.24.

W&T Offshore Announces Dividend

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

Hedge Funds Weigh In On W&T Offshore

Several hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. raised its stake in W&T Offshore by 1.4% during the fourth quarter. Invesco Ltd. now owns 312,081 shares of the oil and gas company’s stock valued at $509,000 after buying an additional 4,241 shares during the last quarter. Graham Capital Management L.P. boosted its holdings in W&T Offshore by 7.6% in the fourth quarter. Graham Capital Management L.P. now owns 87,530 shares of the oil and gas company’s stock worth $143,000 after acquiring an additional 6,195 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of W&T Offshore by 21.7% in the third quarter. NewEdge Advisors LLC now owns 36,610 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 6,524 shares during the last quarter. Raymond James Financial Inc. grew its stake in shares of W&T Offshore by 42.7% in the second quarter. Raymond James Financial Inc. now owns 21,957 shares of the oil and gas company’s stock worth $36,000 after acquiring an additional 6,569 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of W&T Offshore by 3.0% in the third quarter. Alliancebernstein L.P. now owns 283,774 shares of the oil and gas company’s stock worth $516,000 after acquiring an additional 8,200 shares during the last quarter. 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.