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

W&T Offshore, Inc. (NYSE:WTI) gapped down before the market opened on Monday . The stock had previously closed at $4.06, but opened at $3.47. W&T Offshore shares last traded at $3.4570, with a volume of 1,442,357 shares.

Analyst Upgrades and Downgrades

A number of brokerages have commented on WTI. Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a research report on Monday, April 20th. William Blair began coverage on W&T Offshore in a research report on Friday, April 17th. They set an “outperform” rating for the company. Wall Street Zen upgraded W&T Offshore from a “hold” rating to a “buy” rating in a research report on Saturday, May 30th. Finally, Zacks Research downgraded W&T Offshore from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold”.

W&T Offshore Stock Performance

The stock has a 50 day moving average of $3.81 and a two-hundred day moving average of $2.79. The firm has a market capitalization of $512.54 million, a P/E ratio of -3.63 and a beta of 0.24.

W&T Offshore (NYSE:WTI) last issued its quarterly earnings data on Monday, March 9th. The oil and gas company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). The company had revenue of $121.71 million during the quarter, compared to analyst estimates of $115.36 million. Sell-side analysts predict that W&T Offshore, Inc. will post -0.12 EPS for the current year.

W&T Offshore Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. UBS Group AG increased its position in shares of W&T Offshore by 381.1% during the fourth 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 period. Goldman Sachs Group Inc. increased its position in shares of W&T Offshore by 115.8% during 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 purchasing an additional 894,221 shares during the period. Millennium Management LLC increased its position in shares of W&T Offshore by 33.9% during 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 purchasing an additional 647,596 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of W&T Offshore during the first quarter valued at approximately $2,205,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of 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 valued at $4,141,000 after purchasing an additional 508,050 shares during the period. 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.