Zacks Investment Research cut shares of W&T Offshore, Inc. (NYSE:WTI) from a buy rating to a hold rating in a research note published on Friday, October 6th.
According to Zacks, “W&T Offshore is an independent oil and natural gas company focused primarily in the Gulf of Mexico area, including the deep water. They have grown through acquisition, exploitation and exploration. W&T has grown through acquisition, exploitation and exploration and now holds working interests in over two hundred fields in federal and state waters and a majority of its daily production is derived from wells it operates. “
Other research analysts have also issued research reports about the company. ValuEngine raised W&T Offshore from a hold rating to a buy rating in a research report on Tuesday, August 1st. Barclays PLC reissued a sell rating and issued a $1.50 target price on shares of W&T Offshore in a research report on Friday, July 7th. Finally, BidaskClub lowered W&T Offshore from a sell rating to a strong sell rating in a research report on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $2.50.
Shares of W&T Offshore (NYSE:WTI) opened at 3.00 on Friday. The stock’s 50 day moving average price is $2.62 and its 200 day moving average price is $2.23. W&T Offshore has a 12-month low of $1.31 and a 12-month high of $3.69. The company has a market cap of $412.73 million, a P/E ratio of 3.22 and a beta of 2.51.
W&T Offshore (NYSE:WTI) last announced its earnings results on Thursday, August 3rd. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.21. W&T Offshore had a negative return on equity of 6.08% and a net margin of 25.52%. The firm had revenue of $123.32 million during the quarter, compared to analyst estimates of $121.30 million. During the same quarter in the prior year, the company earned ($0.47) EPS. The business’s revenue was up 23.7% compared to the same quarter last year. On average, analysts forecast that W&T Offshore will post $0.53 EPS for the current year.
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In related news, Director Virginia Boulet acquired 16,500 shares of W&T Offshore stock in a transaction that occurred on Thursday, September 14th. The stock was bought at an average price of $2.46 per share, with a total value of $40,590.00. Following the transaction, the director now directly owns 178,047 shares in the company, valued at $437,995.62. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stuart B. Katz acquired 50,000 shares of W&T Offshore stock in a transaction that occurred on Tuesday, August 22nd. The shares were bought at an average cost of $1.85 per share, with a total value of $92,500.00. Following the transaction, the director now owns 205,113 shares in the company, valued at $379,459.05. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 1,388,841 shares of company stock valued at $2,804,309. 32.58% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. New York State Common Retirement Fund increased its position in W&T Offshore by 62.0% during the 2nd quarter. New York State Common Retirement Fund now owns 52,000 shares of the oil and gas company’s stock valued at $102,000 after buying an additional 19,899 shares in the last quarter. Tudor Investment Corp ET AL boosted its stake in W&T Offshore by 23.3% during the 1st quarter. Tudor Investment Corp ET AL now owns 39,520 shares of the oil and gas company’s stock valued at $109,000 after purchasing an additional 7,478 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in W&T Offshore by 4.1% during the 1st quarter. Public Employees Retirement System of Ohio now owns 42,234 shares of the oil and gas company’s stock valued at $117,000 after purchasing an additional 1,672 shares during the last quarter. Prudential Financial Inc. purchased a new stake in W&T Offshore during the 1st quarter valued at $124,000. Finally, Zacks Investment Management boosted its stake in W&T Offshore by 68.8% during the 2nd quarter. Zacks Investment Management now owns 66,916 shares of the oil and gas company’s stock valued at $131,000 after purchasing an additional 27,270 shares during the last quarter. 49.12% of the stock is owned by institutional investors.
About W&T Offshore
W&T Offshore, Inc is an independent oil and natural gas producer. The Company is engaged in the exploration, development and acquisition of oil and natural gas properties in the Gulf of Mexico. As of December 31, 2016, the Company had interests in offshore leases covering approximately 750,000 gross acres (450,000 net acres) spanning across the Outer Continental Shelf (OCS) off the coasts of Louisiana, Texas, Mississippi and Alabama.
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