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

W&T Offshore, Inc. (NYSE:WTI)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $3.66, but opened at $3.39. W&T Offshore shares last traded at $3.54, with a volume of 977,519 shares changing hands.

Analyst Upgrades and Downgrades

WTI has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of W&T Offshore in a report on Friday, July 17th. Wall Street Zen lowered W&T Offshore from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. William Blair initiated coverage on W&T Offshore in a research report on Friday, April 17th. They set an “outperform” rating for the company. Finally, Roth Capital set a $4.25 target price on W&T Offshore in a research note on Tuesday, July 21st. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, W&T Offshore currently has a consensus rating of “Hold” and a consensus target price of $4.25.

W&T Offshore Stock Performance

The stock has a market cap of $506.60 million, a PE ratio of -3.58 and a beta of 0.24. The company’s 50-day moving average price is $3.66 and its two-hundred day moving average price is $3.14.

W&T Offshore Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Thursday, May 21st were paid a $0.01 dividend. 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 is currently -4.21%.

Institutional Investors Weigh In On W&T Offshore

Hedge funds have recently added to or reduced their stakes in the company. UBS Group AG increased 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 valued at $3,912,000 after purchasing an additional 1,901,213 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in W&T Offshore by 115.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,666,494 shares of the oil and gas company’s stock worth $2,716,000 after buying an additional 894,221 shares during the last quarter. Millennium Management LLC lifted its position in W&T Offshore by 33.9% in the 3rd quarter. Millennium Management LLC now owns 2,560,561 shares of the oil and gas company’s stock worth $4,660,000 after buying an additional 647,596 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in W&T Offshore in the first quarter worth approximately $2,205,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in W&T Offshore by 25.0% in 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.