This sounds like a time Zone problem. Check the time zone set on your Apple Watch, which is probably mirrored from your iPhone - which might be wrong!
I suggest start by checking your iPhone's time and time zone (Settings > General > Day & Time). It may appear to be correct, in Auto time zone. Try turning off Auto, because I just found my watch was configured for Paris time zone in Manual zone and time, but my correct UK local time. Don't ask me how... but it was clearly confusing.
The bottom line is to make sure your iPhone shows (the same) correct time and time zone in both Auto and non-Auto modes. The Apple Watch should then follow correctly.
Update: You might need to restart both your Apple Watch and the paired iPhone if you ned to change any settings here.