W&T Offshore (NYSE:WTI) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Shares of W&T Offshore, Inc. (NYSE:WTI) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.09 and traded as high as $3.11. W&T Offshore shares last traded at $3.0050, with a volume of 6,390,081 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Zacks Research lowered shares of W&T Offshore from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of W&T Offshore in a report on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold”.

W&T Offshore Stock Performance

The company has a market capitalization of $447.08 million, a P/E ratio of -2.98 and a beta of 0.26. The stock has a 50 day moving average price of $2.51 and a 200 day moving average price of $2.09.

W&T Offshore (NYSE:WTI) last posted its quarterly earnings results on Monday, March 16th. The oil and gas company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.08). The company had revenue of $121.71 million for the quarter, compared to the consensus estimate of $115.36 million. As a group, sell-side analysts expect that W&T Offshore, Inc. will post -0.45 earnings per share for the current year.

W&T Offshore Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Thursday, March 19th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Thursday, March 19th. W&T Offshore’s payout ratio is presently -3.96%.

Institutional Investors Weigh In On W&T Offshore

Several large investors have recently modified their holdings of WTI. Caitong International Asset Management Co. Ltd raised its holdings in shares of W&T Offshore by 2,753.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 110,794 shares of the oil and gas company’s stock worth $181,000 after purchasing an additional 106,911 shares during the period. Virtu Financial LLC bought a new position in W&T Offshore during the fourth quarter valued at $138,000. Invesco Ltd. grew its holdings in W&T Offshore by 1.4% during the fourth quarter. Invesco Ltd. now owns 312,081 shares of the oil and gas company’s stock valued at $509,000 after purchasing an additional 4,241 shares during the period. Millennium Management LLC increased its position in W&T Offshore by 10.0% in the fourth quarter. Millennium Management LLC now owns 2,815,843 shares of the oil and gas company’s stock worth $4,590,000 after buying an additional 255,282 shares during the last quarter. Finally, Engineers Gate Manager LP purchased a new stake in W&T Offshore in the fourth quarter worth $32,000. Hedge funds and other 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.