W&T Offshore, Inc. (NYSE:WTI)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $4.09, but opened at $4.33. W&T Offshore shares last traded at $4.13, with a volume of 1,294,193 shares changing hands.
WTI has been the subject of a number of research analyst reports. Zacks Investment Research cut W&T Offshore from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Seaport Global Securities reissued a “buy” rating on shares of W&T Offshore in a research note on Friday, June 21st. Stifel Nicolaus set a $10.00 target price on W&T Offshore and gave the company a “buy” rating in a research note on Monday. ValuEngine cut W&T Offshore from a “sell” rating to a “strong sell” rating in a research note on Friday, May 3rd. Finally, Capital One Financial raised W&T Offshore from an “underweight” rating to an “equal weight” rating in a research note on Thursday, May 23rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $8.75.
The company has a market capitalization of $655.62 million, a P/E ratio of 4.13 and a beta of 2.99. The business has a fifty day moving average price of $4.57 and a 200 day moving average price of $5.23.
W&T Offshore (NYSE:WTI) last issued its quarterly earnings results on Wednesday, July 31st. The oil and gas company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.16. The company had revenue of $134.70 million for the quarter, compared to analyst estimates of $126.50 million. W&T Offshore had a negative return on equity of 31.98% and a net margin of 31.72%. The company’s quarterly revenue was down 10.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.29 earnings per share. Research analysts anticipate that W&T Offshore, Inc. will post 0.43 earnings per share for the current year.
In other news, CEO Tracy W. Krohn purchased 15,000 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were bought at an average cost of $4.65 per share, for a total transaction of $69,750.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Virginia Boulet purchased 7,000 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was purchased at an average price of $4.34 per share, for a total transaction of $30,380.00. Following the completion of the acquisition, the director now owns 215,373 shares of the company’s stock, valued at $934,718.82. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 173,913 shares of company stock worth $783,229. Corporate insiders own 33.60% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Point72 Hong Kong Ltd raised its holdings in W&T Offshore by 1,442.4% during the second quarter. Point72 Hong Kong Ltd now owns 9,825 shares of the oil and gas company’s stock worth $49,000 after acquiring an additional 9,188 shares in the last quarter. Stone Ridge Asset Management LLC bought a new stake in W&T Offshore during the second quarter worth about $60,000. Meritage Portfolio Management raised its holdings in W&T Offshore by 35.2% during the second quarter. Meritage Portfolio Management now owns 13,980 shares of the oil and gas company’s stock worth $69,000 after acquiring an additional 3,637 shares in the last quarter. Denali Advisors LLC raised its holdings in W&T Offshore by 4,858.7% during the second quarter. Denali Advisors LLC now owns 14,281 shares of the oil and gas company’s stock worth $71,000 after acquiring an additional 13,993 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in W&T Offshore by 22.9% during the fourth quarter. Legal & General Group Plc now owns 17,914 shares of the oil and gas company’s stock worth $74,000 after acquiring an additional 3,335 shares in the last quarter. Institutional investors own 59.24% of the company’s stock.
About W&T Offshore (NYSE:WTI)
W&T Offshore, Inc, an independent oil and natural gas producer, acquires, explores for, and develops oil and natural gas properties in the Gulf of Mexico. The company sells crude oil, natural gas liquids, and natural gas. It holds working interests in approximately 49 offshore fields in federal and state waters.
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