Shares of W&T Offshore, Inc. (NYSE:WTI) gapped down prior to trading on Friday . The stock had previously closed at $3.55, but opened at $3.31. W&T Offshore shares last traded at $3.23, with a volume of 1043398 shares changing hands.
A number of analysts have issued reports on the stock. Zacks Investment Research downgraded shares of W&T Offshore from a “buy” rating to a “hold” rating in a report on Friday, October 6th. ValuEngine downgraded shares of W&T Offshore from a “buy” rating to a “hold” rating in a report on Monday, August 7th. BidaskClub downgraded shares of W&T Offshore from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 11th. Finally, Barclays PLC reaffirmed a “sell” rating and set a $1.50 price target on shares of W&T Offshore in a report on Friday, July 7th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $2.50.
The stock has a market capitalization of $423.11, a price-to-earnings ratio of 6.40 and a beta of 2.51. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of -1.65.
W&T Offshore (NYSE:WTI) last released its earnings results on Wednesday, November 1st. The oil and gas company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.06. W&T Offshore had a negative return on equity of 10.72% and a net margin of 15.38%. The business had revenue of $110.30 million during the quarter, compared to the consensus estimate of $119.50 million. During the same period last year, the company earned ($0.24) earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. sell-side analysts predict that W&T Offshore, Inc. will post 0.52 EPS for the current year.
In other news, CEO Tracy W. Krohn acquired 918,763 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The stock was purchased at an average cost of $2.08 per share, for a total transaction of $1,911,027.04. Following the completion of the acquisition, the chief executive officer now directly owns 44,532,480 shares of the company’s stock, valued at approximately $92,627,558.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Virginia Boulet acquired 16,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The stock was purchased at an average price of $2.46 per share, with a total value of $40,590.00. Following the completion of the acquisition, the director now directly owns 178,047 shares of the company’s stock, valued at $437,995.62. The disclosure for this purchase can be found here. Insiders purchased 1,388,841 shares of company stock valued at $2,804,309 over the last 90 days. 32.58% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund raised its holdings 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 acquiring an additional 19,899 shares in the last quarter. Tudor Investment Corp ET AL grew its stake 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 purchasing an additional 7,478 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake 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 purchasing an additional 1,672 shares during the last quarter. Prudential Financial Inc. purchased a new position in W&T Offshore in the first quarter valued at about $124,000. Finally, Zacks Investment Management grew its stake in W&T Offshore by 68.8% in the second 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. Hedge funds and other institutional investors own 49.06% of the company’s stock.
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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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