Zacks Research Comments on W&T Offshore, Inc.'s Q3 2024 Earnings (NYSE:WTI)

W&T Offshore, Inc. (NYSE:WTI - Free Report) - Equities researchers at Zacks Research lowered their Q3 2024 EPS estimates for shares of W&T Offshore in a report issued on Wednesday, September 4th. Zacks Research analyst N. Banerjee now expects that the oil and gas company will earn ($0.11) per share for the quarter, down from their prior estimate of ($0.10). The consensus estimate for W&T Offshore's current full-year earnings is ($0.34) per share. Zacks Research also issued estimates for W&T Offshore's FY2024 earnings at ($0.29) EPS, Q4 2025 earnings at ($0.09) EPS and FY2025 earnings at ($0.34) EPS.

W&T Offshore (NYSE:WTI - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The oil and gas company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The business had revenue of $142.70 million during the quarter, compared to analysts' expectations of $148.05 million. W&T Offshore had a negative net margin of 4.51% and a negative return on equity of 103.71%. The firm's revenue was up 13.1% on a year-over-year basis. During the same period last year, the company earned ($0.08) earnings per share.

Separately, StockNews.com downgraded W&T Offshore from a "hold" rating to a "sell" rating in a report on Tuesday, September 3rd.

W&T Offshore Stock Performance

Shares of NYSE WTI traded up $0.01 during trading on Monday, reaching $2.03. 1,255,790 shares of the company traded hands, compared to its average volume of 2,122,662. W&T Offshore has a 12-month low of $1.98 and a 12-month high of $4.47. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 75.32. The stock has a market cap of $298.13 million, a P/E ratio of -13.47 and a beta of 1.40. The firm's fifty day simple moving average is $2.28 and its 200 day simple moving average is $2.38.

W&T Offshore Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 20th were issued a $0.01 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $0.04 dividend on an annualized basis and a yield of 1.97%. W&T Offshore's payout ratio is -26.66%.

Institutional Investors Weigh In On W&T Offshore

Hedge funds have recently modified their holdings of the company. Sanders Morris Harris LLC acquired a new stake in W&T Offshore in the 1st quarter valued at $26,000. Norden Group LLC acquired a new stake in shares of W&T Offshore in the first quarter valued at about $29,000. CCG Wealth Management LLC purchased a new stake in shares of W&T Offshore during the second quarter worth about $26,000. Paloma Partners Management Co acquired a new position in shares of W&T Offshore during the 1st quarter worth about $36,000. Finally, Quadrant Capital Group LLC increased its stake in W&T Offshore by 131.6% during the 4th quarter. Quadrant Capital Group LLC now owns 15,607 shares of the oil and gas company's stock worth $51,000 after buying an additional 8,869 shares in the last quarter. 42.88% of the stock is owned by hedge funds and other institutional investors.

About W&T Offshore

W&T Offshore, Inc, an independent oil and natural gas producer, engages in the acquisition, exploration, and development of oil and natural gas properties in the Gulf of Mexico. The company sells crude oil and condensate, natural gas liquids, and natural gas. W&T Offshore, Inc was founded in 1983 and is headquartered in Houston, Texas.