W&T Offshore (NYSE:WTI) Shares Gap Down – Time to Sell?

W&T Offshore, Inc. (NYSE:WTI) gapped down prior to trading on Monday . The stock had previously closed at $3.59, but opened at $3.35. W&T Offshore shares last traded at $3.4230, with a volume of 693,560 shares.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. William Blair assumed coverage on shares of W&T Offshore in a report on Friday, April 17th. They set an “outperform” rating for the company. Roth Capital set a $4.25 target price on shares of W&T Offshore in a research note on Tuesday, July 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of W&T Offshore in a research report on Friday, July 17th. Finally, 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. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $4.25.

W&T Offshore Stock Down 2.1%

The firm has a 50 day moving average price of $3.52 and a 200 day moving average price of $3.23. The stock has a market cap of $511.06 million, a PE ratio of -3.62 and a beta of 0.24.

W&T Offshore Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Thursday, May 21st were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 1.2%. The ex-dividend date was Thursday, May 21st. W&T Offshore’s dividend payout ratio is presently -4.21%.

Institutional Investors Weigh In On W&T Offshore

Several hedge funds have recently modified their holdings of WTI. Vanguard Group Inc. increased its holdings in W&T Offshore by 0.3% during the third quarter. Vanguard Group Inc. now owns 6,828,361 shares of the oil and gas company’s stock valued at $12,428,000 after buying an additional 19,283 shares during the period. Millennium Management LLC boosted its position in W&T Offshore by 24.2% during the 1st quarter. Millennium Management LLC now owns 3,071,610 shares of the oil and gas company’s stock valued at $4,761,000 after acquiring an additional 598,614 shares in the last quarter. State Street Corp boosted its position in W&T Offshore by 0.5% during the 4th quarter. State Street Corp now owns 2,680,643 shares of the oil and gas company’s stock valued at $4,369,000 after acquiring an additional 14,426 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of W&T Offshore by 25.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,540,588 shares of the oil and gas company’s stock valued at $4,141,000 after acquiring an additional 508,050 shares during the period. Finally, UBS Group AG increased its holdings in shares of W&T Offshore by 381.1% in 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 acquiring an additional 1,901,213 shares during the period. 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.