W&T Offshore Inc. (WTI) Downgraded to “Underweight” at Barclays PLC
Barclays PLC cut shares of W&T Offshore Inc. (NYSE:WTI) from an equal weight rating to an underweight rating in a report released on Monday morning. Barclays PLC currently has $1.00 target price on the stock, down from their prior target price of $2.00.
Separately, Zacks Investment Research raised shares of W&T Offshore from a hold rating to a buy rating and set a $2.25 target price on the stock in a research note on Tuesday, July 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $2.19.
W&T Offshore (NYSE:WTI) opened at 1.50 on Monday. The company’s market capitalization is $114.71 million. The stock’s 50 day moving average is $1.65 and its 200-day moving average is $2.01. W&T Offshore has a 1-year low of $1.23 and a 1-year high of $4.00.
W&T Offshore (NYSE:WTI) last issued its earnings results on Thursday, August 4th. The company reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.22. The firm had revenue of $99.70 million for the quarter, compared to analysts’ expectations of $102.64 million. During the same period last year, the firm earned ($0.54) earnings per share. W&T Offshore’s revenue for the quarter was down 33.1% on a year-over-year basis. On average, analysts expect that W&T Offshore will post ($2.16) earnings per share for the current fiscal year.
In other news, Director Virginia Boulet purchased 16,700 shares of the stock in a transaction on Thursday, September 15th. The stock was bought at an average price of $1.59 per share, for a total transaction of $26,553.00. Following the acquisition, the director now directly owns 116,104 shares of the company’s stock, valued at approximately $184,605.36. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 54.08% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Retirement Planning Group boosted its position in W&T Offshore by 250.0% in the first quarter. Retirement Planning Group now owns 70,000 shares of the company’s stock valued at $153,000 after buying an additional 50,000 shares during the period. California Public Employees Retirement System boosted its position in W&T Offshore by 4.7% in the second quarter. California Public Employees Retirement System now owns 1,992,067 shares of the company’s stock valued at $4,622,000 after buying an additional 90,300 shares during the period. Icon Advisers Inc. Co. purchased a new position in W&T Offshore during the second quarter valued at approximately $1,910,000. Spark Investment Management LLC boosted its position in W&T Offshore by 112.5% in the first quarter. Spark Investment Management LLC now owns 960,500 shares of the company’s stock valued at $2,103,000 after buying an additional 508,500 shares during the period. Finally, State Street Corp boosted its position in W&T Offshore by 5.7% in the first quarter. State Street Corp now owns 633,781 shares of the company’s stock valued at $1,390,000 after buying an additional 34,373 shares during the period. Institutional investors own 26.01% 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. The Company owns a platform in the Gulf of Mexico located in a National Marine Sanctuary. The Company’s fields are located in federal and state waters in the Gulf of Mexico.
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