W&T Offshore (NYSE:WTI) Shares Gap Down to $4.41

Shares of W&T Offshore, Inc. (NYSE:WTI) gapped down prior to trading on Friday . The stock had previously closed at $4.51, but opened at $4.41. W&T Offshore shares last traded at $4.06, with a volume of 3,373,801 shares changing hands.

Several analysts have recently commented on the stock. ValuEngine lowered shares of W&T Offshore from a “sell” rating to a “strong sell” rating in a research report on Friday, May 3rd. Stifel Nicolaus set a $10.00 price target on shares of W&T Offshore and gave the company a “buy” rating in a research report on Monday, August 12th. Zacks Investment Research lowered shares of W&T Offshore from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 30th. Seaport Global Securities reiterated a “buy” rating on shares of W&T Offshore in a research report on Friday, June 21st. Finally, Capital One Financial upgraded shares of W&T Offshore from an “underweight” rating to an “equal weight” rating in a research report on Thursday, May 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $9.67.

The firm’s 50-day moving average price is $4.52 and its 200 day moving average price is $5.20. The firm has a market capitalization of $620.44 million, a price-to-earnings ratio of 4.02 and a beta of 2.99.

W&T Offshore (NYSE:WTI) last announced its earnings results on Wednesday, July 31st. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.16. W&T Offshore had a net margin of 31.72% and a negative return on equity of 31.98%. The firm had revenue of $134.70 million for the quarter, compared to analyst estimates of $126.50 million. During the same quarter last year, the business earned $0.29 earnings per share. W&T Offshore’s revenue was down 10.0% compared to the same quarter last year. On average, sell-side analysts anticipate that W&T Offshore, Inc. will post 0.4 EPS for the current year.

In other news, CEO Tracy W. Krohn bought 22,563 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average price of $4.17 per share, for a total transaction of $94,087.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Virginia Boulet bought 7,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were purchased at an average price of $4.34 per share, for a total transaction of $30,380.00. Following the transaction, the director now owns 215,373 shares of the company’s stock, valued at approximately $934,718.82. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 173,913 shares of company stock worth $783,229. 33.60% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. boosted its position in W&T Offshore by 17.3% during the second quarter. Point72 Asset Management L.P. now owns 21,787 shares of the oil and gas company’s stock worth $108,000 after acquiring an additional 3,215 shares during the last quarter. Legal & General Group Plc boosted its position 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 during the last quarter. Paloma Partners Management Co boosted its position in W&T Offshore by 8.1% during the second quarter. Paloma Partners Management Co now owns 46,333 shares of the oil and gas company’s stock worth $229,000 after acquiring an additional 3,458 shares during the last quarter. Meritage Portfolio Management boosted its position 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 during the last quarter. Finally, Swiss National Bank boosted its position in W&T Offshore by 3.2% during the second quarter. Swiss National Bank now owns 183,200 shares of the oil and gas company’s stock worth $909,000 after acquiring an additional 5,600 shares during the last quarter. Hedge funds and other institutional investors own 59.11% of the company’s stock.

W&T Offshore Company Profile (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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