Feb 24 (Reuters) - W&T Offshore Inc said it has doubled its quarterly dividend, sending the gas-focused producer’s shares up 5 percent before the bell.
The company raised its dividend to 8 cents from 4 cents payable on March 30 to shareholders as of March 14.
On Feb. 23, the company had posted an estimate-beating profit for the ninth straight quarter buoyed by higher oil and gas sales.
The Houston, Texas-based company’s shares, which have doubled in value in the past four months, were up 5 percent at $26 in premarket trade. They closed at $24.77 on Thursday on the New York Stock Exchange. (Reporting by Sunayan Bhattacharjee in Bangalore; Editing by Sriraj Kalluvila)