W&T Offshore, Inc. (NYSE:WTI) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of W&T Offshore, Inc. (NYSE:WTI) from a buy rating to a sell rating in a research note published on Friday morning.

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 equities research analysts have also recently issued reports about the company. Barclays PLC reiterated a sell rating and issued a $1.50 target price on shares of W&T Offshore in a report on Friday, July 7th. ValuEngine upgraded W&T Offshore from a sell rating to a hold rating in a report on Friday, May 19th. Finally, BidaskClub cut W&T Offshore from a sell rating to a strong sell rating in a report on Tuesday, July 11th. Four investment analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. The stock has an average rating of Sell and an average price target of $2.58.

Shares of W&T Offshore (NYSE:WTI) traded up 1.01% during trading on Friday, reaching $2.00. The company’s stock had a trading volume of 861,732 shares. W&T Offshore has a one year low of $1.31 and a one year high of $3.47. The stock’s market cap is $275.03 million. The company has a 50-day moving average price of $2.09 and a 200-day moving average price of $2.55.

W&T Offshore (NYSE:WTI) last issued its earnings results on Wednesday, May 3rd. The oil and gas company reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.20. The firm had revenue of $124.39 million during the quarter. On average, equities research analysts forecast that W&T Offshore will post $0.50 earnings per share for the current fiscal year.

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Several large investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio boosted its stake in shares of W&T Offshore by 4.1% in the first quarter. Public Employees Retirement System of Ohio now owns 42,234 shares of the oil and gas company’s stock worth $117,000 after buying an additional 1,672 shares during the period. State Street Corp boosted its stake in shares of W&T Offshore by 1.0% in the fourth quarter. State Street Corp now owns 624,562 shares of the oil and gas company’s stock worth $1,729,000 after buying an additional 6,470 shares during the period. Tudor Investment Corp ET AL boosted its stake in shares of W&T Offshore by 23.3% in the first quarter. Tudor Investment Corp ET AL now owns 39,520 shares of the oil and gas company’s stock worth $109,000 after buying an additional 7,478 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of W&T Offshore by 5.6% in the first quarter. Bank of New York Mellon Corp now owns 151,848 shares of the oil and gas company’s stock worth $420,000 after buying an additional 8,072 shares during the period. Finally, Nationwide Fund Advisors boosted its stake in shares of W&T Offshore by 165.5% in the first quarter. Nationwide Fund Advisors now owns 59,735 shares of the oil and gas company’s stock worth $165,000 after buying an additional 37,238 shares during the period. Institutional investors and hedge funds own 45.96% of the company’s stock.

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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