W&T Offshore (NYSE:WTI) Trading Down 5.4% – Here’s What Happened

W&T Offshore, Inc. (NYSE:WTI) shares were down 5.4% during mid-day trading on Thursday . The stock traded as low as $3.39 and last traded at $3.3950. 2,296,534 shares were traded during trading, a decline of 63% from the average session volume of 6,259,298 shares. The stock had previously closed at $3.59.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Wall Street Zen downgraded W&T Offshore from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a report on Monday, April 20th. Finally, William Blair assumed coverage on W&T Offshore in a research report on Friday, April 17th. They set an “outperform” rating on the stock. Two investment analysts have 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 data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

W&T Offshore Stock Down 4.6%

The stock has a 50 day moving average price of $3.81 and a two-hundred day moving average price of $2.98. The company has a market cap of $509.57 million, a P/E ratio of -3.61 and a beta of 0.24.

W&T Offshore Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 21st were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Thursday, May 21st. W&T Offshore’s dividend payout ratio (DPR) is currently -4.21%.

Institutional Trading of W&T Offshore

Institutional investors have recently bought and sold shares of the business. UBS Group AG grew its position in shares of W&T Offshore by 381.1% during the 4th quarter. UBS Group AG now owns 2,400,024 shares of the oil and gas company’s stock worth $3,912,000 after purchasing an additional 1,901,213 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of W&T Offshore by 115.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,666,494 shares of the oil and gas company’s stock valued at $2,716,000 after buying an additional 894,221 shares during the period. Millennium Management LLC boosted its stake in shares of W&T Offshore by 33.9% in the third quarter. Millennium Management LLC now owns 2,560,561 shares of the oil and gas company’s stock valued at $4,660,000 after buying an additional 647,596 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in W&T Offshore during the first quarter worth approximately $2,205,000. Finally, Charles Schwab Investment Management Inc. grew its position in W&T Offshore by 25.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,540,588 shares of the oil and gas company’s stock worth $4,141,000 after buying an additional 508,050 shares in the last quarter. Institutional investors own 42.88% of the company’s stock.

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.