W&T Offshore (NYSE:WTI) Shares Gap Down – Should You Sell?

Shares of W&T Offshore, Inc. (NYSE:WTI) gapped down prior to trading on Wednesday . The stock had previously closed at $4.21, but opened at $3.83. W&T Offshore shares last traded at $3.8750, with a volume of 1,372,229 shares trading hands.

Analyst Upgrades and Downgrades

WTI has been the topic of several analyst reports. Zacks Research lowered W&T Offshore from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. William Blair assumed coverage on W&T Offshore in a research note on Friday, April 17th. They issued an “outperform” rating on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of W&T Offshore in a research note on Monday, April 20th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, W&T Offshore presently has an average rating of “Hold”.

W&T Offshore Stock Down 9.9%

The company has a market cap of $564.62 million, a PE ratio of -3.76 and a beta of 0.29. The stock has a 50-day simple moving average of $3.18 and a 200 day simple moving average of $2.38.

W&T Offshore (NYSE:WTI) last posted its earnings results on Monday, March 16th. The oil and gas company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). The business had revenue of $121.71 million during the quarter, compared to the consensus estimate of $115.36 million. As a group, research analysts anticipate that W&T Offshore, Inc. will post -0.22 earnings per share for the current fiscal year.

W&T Offshore Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 26th. Shareholders of record on Thursday, March 19th were given a $0.01 dividend. The ex-dividend date was Thursday, March 19th. This represents a $0.04 dividend on an annualized basis and a yield of 1.1%. W&T Offshore’s payout ratio is currently -3.96%.

Institutional Investors Weigh In On W&T Offshore

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capricorn Fund Managers Ltd acquired a new stake in shares of W&T Offshore in the first quarter valued at $34,000. AXQ Capital LP acquired a new stake in shares of W&T Offshore in the third quarter valued at $28,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of W&T Offshore in the third quarter valued at $30,000. CWM LLC grew its stake in shares of W&T Offshore by 181.6% in the third quarter. CWM LLC now owns 16,908 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 10,904 shares in the last quarter. Finally, StoneX Group Inc. acquired a new stake in shares of W&T Offshore in the fourth quarter valued at $28,000. 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.