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

W&T Offshore, Inc. (NYSE:WTI) – Roth Capital cut their Q1 2024 earnings per share estimates for shares of W&T Offshore in a report issued on Monday, April 15th. Roth Capital analyst J. White now anticipates that the oil and gas company will earn ($0.02) per share for the quarter, down from their prior forecast of $0.01. The consensus estimate for W&T Offshore’s current full-year earnings is ($0.05) per share. Roth Capital also issued estimates for W&T Offshore’s Q2 2024 earnings at ($0.07) EPS, Q3 2024 earnings at ($0.04) EPS, Q4 2024 earnings at ($0.02) EPS and FY2024 earnings at ($0.15) EPS.

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

Separately, Stifel Nicolaus raised their price objective on shares of W&T Offshore from $7.60 to $7.90 and gave the company a “buy” rating in a research report on Tuesday, January 23rd.

W&T Offshore Price Performance

WTI stock opened at $2.38 on Wednesday. The firm has a 50 day simple moving average of $2.73 and a two-hundred day simple moving average of $3.21. The stock has a market cap of $348.79 million, a PE ratio of 23.75 and a beta of 1.52. W&T Offshore has a one year low of $2.37 and a one year high of $4.80. 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

Large investors have recently modified their holdings of the company. Creative Planning grew its position in W&T Offshore by 15.9% during the fourth quarter. Creative Planning now owns 18,228 shares of the oil and gas company’s stock valued at $102,000 after acquiring an additional 2,503 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its position in W&T Offshore by 17.9% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 16,602 shares of the oil and gas company’s stock worth $84,000 after purchasing an additional 2,522 shares during the period. FMR LLC lifted its stake in W&T Offshore by 18.3% in the first quarter. FMR LLC now owns 16,581 shares of the oil and gas company’s stock worth $84,000 after purchasing an additional 2,570 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in W&T Offshore by 5.5% during the fourth quarter. Public Employees Retirement System of Ohio now owns 53,026 shares of the oil and gas company’s stock valued at $296,000 after buying an additional 2,765 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in W&T Offshore by 0.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 383,361 shares of the oil and gas company’s stock valued at $1,947,000 after buying an additional 3,013 shares during the period. 42.88% of the stock is owned by hedge funds and other institutional investors.

W&T Offshore Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Monday, March 18th were given a dividend of $0.01 per share. The ex-dividend date was Friday, March 15th. This represents a $0.04 annualized dividend and a dividend yield of 1.68%. W&T Offshore’s dividend payout ratio (DPR) is presently 40.00%.

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.