February 24, 2012 / 1:52 PM / 6 years ago

UPDATE 1-W&T Offshore doubles quarterly dividend, shares up

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)

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