W&T Offshore, Inc. (NYSE:WTI) to Post Q1 2024 Earnings of ($0.02) Per Share, Zacks Research Forecasts

W&T Offshore, Inc. (NYSE:WTI) – Zacks Research lowered their Q1 2024 earnings per share (EPS) estimates for shares of W&T Offshore in a research report issued on Monday, April 22nd. Zacks Research analyst A. Kanoria now anticipates that the oil and gas company will post earnings per share of ($0.02) for the quarter, down from their previous forecast of $0.02. The consensus estimate for W&T Offshore’s current full-year earnings is ($0.05) per share. Zacks Research also issued estimates for W&T Offshore’s Q2 2024 earnings at ($0.03) EPS, Q3 2024 earnings at ($0.03) EPS, FY2024 earnings at ($0.07) EPS, Q4 2025 earnings at ($0.01) EPS, FY2025 earnings at $0.03 EPS and FY2026 earnings at $0.09 EPS.

W&T Offshore (NYSE:WTI) last released its quarterly earnings data on Tuesday, March 5th. The oil and gas company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.08). W&T Offshore had a net margin of 2.93% and a negative return on equity of 71.70%. The firm had revenue of $132.30 million during the quarter, compared to analysts’ expectations of $138.23 million. During the same period in the previous year, the business earned $0.10 earnings per share. The business’s revenue for the quarter was down 30.3% on a year-over-year basis.

Separately, Stifel Nicolaus raised their price target on W&T Offshore from $7.50 to $7.80 and gave the stock a “buy” rating in a research report on Tuesday.

W&T Offshore Stock Performance

NYSE WTI opened at $2.41 on Wednesday. W&T Offshore has a 1-year low of $2.32 and a 1-year high of $4.60. The company has a market capitalization of $353.20 million, a P/E ratio of 24.05 and a beta of 1.52. The business has a 50 day moving average price of $2.71 and a 200 day moving average price of $3.18. The company has a debt-to-equity ratio of 11.58, a current ratio of 1.22 and a quick ratio of 1.22.

Hedge Funds Weigh In On W&T Offshore

Several hedge funds have recently bought and sold shares of WTI. SG Americas Securities LLC purchased a new position in W&T Offshore during the third quarter worth $51,000. Bank of New York Mellon Corp boosted its holdings in shares of W&T Offshore by 2.3% during the third quarter. Bank of New York Mellon Corp now owns 710,301 shares of the oil and gas company’s stock worth $3,111,000 after purchasing an additional 15,987 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of W&T Offshore by 5.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,260,815 shares of the oil and gas company’s stock worth $5,522,000 after purchasing an additional 65,286 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in shares of W&T Offshore by 32.9% during the third quarter. Panagora Asset Management Inc. now owns 471,663 shares of the oil and gas company’s stock worth $2,066,000 after purchasing an additional 116,644 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in shares of W&T Offshore by 15.7% during the third quarter. New York State Common Retirement Fund now owns 117,467 shares of the oil and gas company’s stock worth $515,000 after purchasing an additional 15,954 shares during the last quarter. Hedge funds and other institutional investors own 42.88% of the company’s stock.

W&T Offshore Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Monday, March 18th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend was Friday, March 15th. W&T Offshore’s payout ratio is 40.00%.

W&T Offshore Company Profile

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.