W&T Offshore, Inc. (NYSE:WTI – Get Free Report) passed below its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $3.82 and traded as low as $3.58. W&T Offshore shares last traded at $3.5950, with a volume of 7,203,568 shares traded.
Analysts Set New Price Targets
Several research firms have issued reports on WTI. Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a research note on Thursday, October 15th. Wall Street Zen upgraded W&T Offshore from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Roth Capital set a $4.25 target price on W&T Offshore in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $4.25.
Read Our Latest Stock Analysis on WTI
W&T Offshore Trading Down 11.2%
The business’s 50 day moving average price is $3.82 and its 200-day moving average price is $3.40. The company has a market cap of $542.63 million, a price-to-earnings ratio of -10.57 and a beta of 0.35.
W&T Offshore (NYSE:WTI – Get Free Report) last announced its earnings results on Thursday, October 29th. The oil and gas company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.07. The company had revenue of $167.08 million for the quarter, compared to the consensus estimate of $144.97 million. Equities research analysts forecast that W&T Offshore, Inc. will post -0.09 EPS for the current fiscal year.
W&T Offshore Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Thursday, November 12th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Thursday, November 12th. W&T Offshore’s payout ratio is currently -11.76%.
Hedge Funds Weigh In On W&T Offshore
Several institutional investors and hedge funds have recently made changes to their positions in WTI. BlackRock Inc. bought a new position in shares of W&T Offshore during the second quarter worth approximately $26,065,000. Algert Global LLC boosted its stake in W&T Offshore by 185.8% in the 2nd quarter. Algert Global LLC now owns 1,589,137 shares of the oil and gas company’s stock valued at $5,006,000 after purchasing an additional 1,033,167 shares during the period. Bank of New York Mellon Corp grew its holdings in W&T Offshore by 10.4% in the 1st quarter. Bank of New York Mellon Corp now owns 1,137,443 shares of the oil and gas company’s stock valued at $3,879,000 after buying an additional 106,779 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in W&T Offshore in the 2nd quarter valued at $3,353,000. Finally, Bank of America Corp DE grew its holdings in W&T Offshore by 4.2% in the 1st quarter. Bank of America Corp DE now owns 649,490 shares of the oil and gas company’s stock valued at $2,215,000 after buying an additional 26,262 shares in the last quarter. Institutional investors and hedge funds own 42.88% of the company’s stock.
W&T Offshore Company Profile
W&T Offshore, Inc is an independent oil and natural gas exploration and production company focused on the U.S. Gulf of Mexico. The company explores for, develops, and produces crude oil, natural gas, and natural gas liquids from offshore properties.
W&T Offshore’s operations have included assets in the federal and state waters of the Gulf of Mexico, spanning shelf and deepwater areas. Its activities include acquiring exploration and production interests, drilling and completing wells, and managing offshore production and related infrastructure.
Founded in 1983 by Tracy W.
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