W&T Offshore, Inc. (NYSE:WTI) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research note issued on Friday, July 14th.
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. “
Several other equities analysts have also recently weighed in on the stock. BidaskClub cut shares of W&T Offshore from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 11th. ValuEngine cut shares of W&T Offshore from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd. Finally, Barclays PLC reaffirmed a “sell” rating and issued a $1.50 price target on shares of W&T Offshore in a research report on Friday, July 7th. Three analysts have rated the stock with a sell rating and three have issued a hold rating to the company. W&T Offshore currently has an average rating of “Hold” and an average target price of $2.58.
Shares of W&T Offshore (NYSE WTI) opened at 1.97 on Friday. W&T Offshore has a one year low of $1.31 and a one year high of $3.47. The stock has a 50 day moving average price of $1.97 and a 200-day moving average price of $2.35. The company has a market capitalization of $271.02 million, a P/E ratio of 2.11 and a beta of 2.40.
W&T Offshore (NYSE:WTI) last released its quarterly earnings data on Thursday, August 3rd. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.21. The company had revenue of $123.32 million for the quarter, compared to analysts’ expectations of $121.30 million. W&T Offshore had a net margin of 25.52% and a negative return on equity of 6.08%. The business’s revenue was up 23.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.47) EPS. Equities research analysts predict that W&T Offshore will post $0.41 earnings per share for the current fiscal year.
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Large investors have recently modified their holdings of the company. New York State Common Retirement Fund raised its stake in shares of W&T Offshore by 62.0% in the second 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 during the last quarter. Tudor Investment Corp ET AL increased its position in 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 valued at $109,000 after buying an additional 7,478 shares during the period. Public Employees Retirement System of Ohio increased its position in 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 valued at $117,000 after buying an additional 1,672 shares during the period. Prudential Financial Inc. acquired a new position in W&T Offshore during the first quarter valued at approximately $124,000. Finally, Nationwide Fund Advisors increased its position in 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 valued at $165,000 after buying an additional 37,238 shares during the period. Institutional investors own 46.72% of the company’s stock.
W&T Offshore Company Profile
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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