W&T Offshore Inc. (WTI) Trading 10.5% Higher on Insider Buying Activity
W&T Offshore Inc. (NYSE:WTI) traded up 10.5% on Wednesday after an insider bought additional shares in the company. The stock traded as high as $1.74 and last traded at $1.69, with a volume of 2,077,482 shares traded. The stock had previously closed at $1.53.
Specifically, Director Stuart B. Katz acquired 25,000 shares of the firm’s stock in a transaction dated Tuesday, November 29th. The stock was purchased at an average price of $1.57 per share, for a total transaction of $39,250.00. Following the acquisition, the director now owns 118,270 shares in the company, valued at approximately $185,683.90. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Virginia Boulet acquired 16,700 shares of the firm’s stock in a transaction dated Thursday, September 15th. The shares were acquired at an average price of $1.59 per share, with a total value of $26,553.00. Following the acquisition, the director now owns 116,104 shares in the company, valued at approximately $184,605.36. The disclosure for this purchase can be found here. Insiders own 54.08% of the company’s stock.
Separately, Barclays PLC lowered W&T Offshore from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $2.00 to $1.00 in a report on Monday, October 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. W&T Offshore currently has a consensus rating of “Hold” and an average price target of $2.19.
The stock’s market cap is $231.40 million. The stock’s 50-day moving average is $1.52 and its 200-day moving average is $1.85.
W&T Offshore (NYSE:WTI) last posted its earnings results on Wednesday, November 2nd. The company reported ($0.24) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.43) by $0.19. The company earned $107.40 million during the quarter, compared to analyst estimates of $109.57 million. During the same quarter last year, the business posted ($0.79) EPS. The firm’s revenue for the quarter was down 14.9% on a year-over-year basis. On average, analysts predict that W&T Offshore Inc. will post ($1.80) earnings per share for the current year.
A number of hedge funds have recently bought and sold shares of WTI. KBC Group NV increased its stake in W&T Offshore by 153.5% in the third quarter. KBC Group NV now owns 188,562 shares of the company’s stock valued at $332,000 after buying an additional 114,178 shares during the period. Phoenix Investment Adviser LLC acquired a new position in W&T Offshore during the third quarter valued at approximately $2,386,000. Schwab Charles Investment Management Inc. increased its position in W&T Offshore by 28.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 669,974 shares of the company’s stock valued at $1,555,000 after buying an additional 148,348 shares during the period. AQR Capital Management LLC increased its position in W&T Offshore by 740.8% in the second quarter. AQR Capital Management LLC now owns 478,807 shares of the company’s stock valued at $1,110,000 after buying an additional 421,858 shares during the period. Finally, Bridgeway Capital Management Inc. increased its position in W&T Offshore by 26.6% in the second quarter. Bridgeway Capital Management Inc. now owns 753,100 shares of the company’s stock valued at $1,747,000 after buying an additional 158,000 shares during the period. Hedge funds and other institutional investors own 52.06% 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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