W&T Offshore (NYSE:WTI) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

W&T Offshore, Inc. (NYSE:WTI)’s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $2.09 and traded as high as $3.11. W&T Offshore shares last traded at $3.0050, with a volume of 6,390,081 shares.

Analysts Set New Price Targets

Several equities research analysts have recently commented on WTI shares. Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a report on Wednesday, January 21st. Zacks Research cut W&T Offshore from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold”.

W&T Offshore Stock Performance

The company has a market cap of $447.08 million, a price-to-earnings ratio of -2.98 and a beta of 0.26. The stock’s fifty day moving average is $2.51 and its two-hundred day moving average is $2.09.

W&T Offshore (NYSE:WTI) last released its quarterly earnings results on Monday, March 16th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). The business had revenue of $121.71 million during the quarter, compared to analyst estimates of $115.36 million. On average, equities research analysts expect that W&T Offshore, Inc. will post -0.45 EPS for the current year.

W&T Offshore Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 19th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, March 19th. This represents a $0.04 annualized dividend and a dividend yield of 1.3%. W&T Offshore’s payout ratio is presently -3.96%.

Institutional Investors Weigh In On W&T Offshore

Institutional investors and hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd lifted its stake in W&T Offshore by 2,753.3% during the 4th 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 acquiring an additional 106,911 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of W&T Offshore in the 4th quarter worth $138,000. Invesco Ltd. raised its holdings in shares of W&T Offshore by 1.4% in the fourth quarter. Invesco Ltd. now owns 312,081 shares of the oil and gas company’s stock valued at $509,000 after purchasing an additional 4,241 shares during the last quarter. Millennium Management LLC raised its holdings in shares of W&T Offshore by 10.0% in the fourth quarter. Millennium Management LLC now owns 2,815,843 shares of the oil and gas company’s stock valued at $4,590,000 after purchasing an additional 255,282 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new position in shares of W&T Offshore during the fourth quarter valued at about $32,000. 42.88% of the stock is owned by hedge funds and other institutional investors.

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.