W&T Offshore (NYSE:WTI) Trading 6.7% Higher – Here’s What Happened

W&T Offshore, Inc. (NYSE:WTI)’s stock price was up 6.7% during trading on Monday . The company traded as high as $3.63 and last traded at $3.5950. Approximately 3,255,392 shares changed hands during trading, a decline of 48% from the average daily volume of 6,226,578 shares. The stock had previously closed at $3.37.

Analyst Ratings Changes

WTI has been the subject of a number of recent research reports. William Blair began coverage on W&T Offshore in a report on Friday, April 17th. They issued an “outperform” rating for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of W&T Offshore in a research report on Monday, April 20th. Finally, Wall Street Zen lowered W&T Offshore from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. 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, the company presently has a consensus rating of “Hold”.

W&T Offshore Trading Up 6.7%

The stock has a market cap of $534.86 million, a price-to-earnings ratio of -3.78 and a beta of 0.24. The stock’s 50-day moving average price is $3.78 and its 200-day moving average price is $3.00.

W&T Offshore Dividend Announcement

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 dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Thursday, May 21st. W&T Offshore’s dividend payout ratio (DPR) is currently -4.21%.

Institutional Trading of W&T Offshore

Institutional investors have recently bought and sold shares of the company. Bank of America Corp DE grew its holdings in W&T Offshore by 4.2% during the 1st quarter. Bank of America Corp DE now owns 649,490 shares of the oil and gas company’s stock worth $2,215,000 after acquiring an additional 26,262 shares during the period. Renaissance Technologies LLC lifted its stake in shares of W&T Offshore by 158.5% in the 1st quarter. Renaissance Technologies LLC now owns 590,300 shares of the oil and gas company’s stock valued at $2,013,000 after purchasing an additional 361,900 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of W&T Offshore during the 1st quarter valued at about $2,205,000. Sei Investments Co. boosted its position in shares of W&T Offshore by 1,596.5% during the 1st quarter. Sei Investments Co. now owns 297,870 shares of the oil and gas company’s stock valued at $1,016,000 after purchasing an additional 280,312 shares in the last quarter. Finally, Walleye Capital LLC acquired a new stake in W&T Offshore during the first quarter worth approximately $62,000. 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.