W&T Offshore, Inc. (NYSE:WTI) rose 8.6% during trading on Tuesday . The company traded as high as $3.31 and last traded at $3.30. Approximately 2,424,043 shares changed hands during trading, an increase of 28% from the average daily volume of 1,898,737 shares. The stock had previously closed at $3.04.
Separately, Zacks Investment Research upgraded W&T Offshore from a “hold” rating to a “buy” rating and set a $2.25 price objective for the company in a research report on Saturday, September 9th. Three equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. W&T Offshore presently has a consensus rating of “Hold” and a consensus target price of $2.50.
The firm has a market capitalization of $418.98, a PE ratio of 6.35 and a beta of 2.50. The company has a debt-to-equity ratio of -1.65, a quick ratio of 1.22 and a current ratio of 1.22.
In other news, SVP Stephen L. Schroeder sold 18,762 shares of the stock in a transaction on Monday, December 18th. The stock was sold at an average price of $2.81, for a total value of $52,721.22. Following the completion of the sale, the senior vice president now owns 366,592 shares in the company, valued at $1,030,123.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John D. Gibbons sold 29,000 shares of the stock in a transaction on Monday, December 18th. The shares were sold at an average price of $2.79, for a total value of $80,910.00. Following the completion of the sale, the insider now owns 476,030 shares of the company’s stock, valued at approximately $1,328,123.70. The disclosure for this sale can be found here. 32.58% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of WTI. New York State Common Retirement Fund increased 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 worth $102,000 after acquiring an additional 19,899 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of W&T Offshore in the third quarter worth $120,000. Zacks Investment Management increased its stake in shares of 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 worth $131,000 after acquiring an additional 27,270 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of W&T Offshore by 782.6% in the second quarter. The Manufacturers Life Insurance Company now owns 82,579 shares of the oil and gas company’s stock worth $162,000 after acquiring an additional 73,223 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of W&T Offshore by 58.5% in the second quarter. Alliancebernstein L.P. now owns 91,308 shares of the oil and gas company’s stock worth $179,000 after acquiring an additional 33,700 shares during the last quarter. 47.98% of the stock is currently owned by institutional investors and hedge funds.
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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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