W&T Offshore, Inc. (WTI) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of W&T Offshore, Inc. (NYSE:WTI) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.
According to Zacks, “W&T Offshore is an independent oil and natural gas company focused primarily in the Gulf of Mexico area, including the deep water. They have grown through acquisition, exploitation and exploration. W&T has grown through acquisition, exploitation and exploration and now holds working interests in over two hundred fields in federal and state waters and a majority of its daily production is derived from wells it operates. “
Several other research firms have also recently commented on WTI. ValuEngine raised shares of W&T Offshore from a hold rating to a buy rating in a research note on Tuesday, August 1st. BidaskClub cut shares of W&T Offshore from a sell rating to a strong sell rating in a research note on Tuesday, July 11th. Finally, Barclays PLC reissued a sell rating and set a $1.50 target price on shares of W&T Offshore in a research note on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The company has an average rating of Hold and an average target price of $2.58.
Shares of W&T Offshore (NYSE WTI) opened at 1.92 on Wednesday. The stock’s 50 day moving average is $1.94 and its 200 day moving average is $2.27. W&T Offshore has a 1-year low of $1.31 and a 1-year high of $3.47. The stock has a market capitalization of $264.14 million, a price-to-earnings ratio of 2.06 and a beta of 2.40.
W&T Offshore (NYSE:WTI) last released its earnings results on Thursday, August 3rd. The oil and gas company reported $0.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.21. The firm had revenue of $123.32 million for the quarter, compared to analysts’ expectations of $121.30 million. W&T Offshore had a net margin of 25.52% and a negative return on equity of 6.08%. W&T Offshore’s quarterly revenue was up 23.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.47) EPS. On average, equities analysts forecast that W&T Offshore will post $0.54 EPS for the current year.
In other news, Director Stuart B. Katz bought 50,000 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were acquired at an average cost of $1.85 per share, with a total value of $92,500.00. Following the completion of the transaction, the director now directly owns 205,113 shares in the company, valued at approximately $379,459.05. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Tracy W. Krohn bought 132,134 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was purchased at an average cost of $1.85 per share, for a total transaction of $244,447.90. The disclosure for this purchase can be found here. Insiders own 32.58% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in WTI. Public Employees Retirement System of Ohio increased its position 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 buying an additional 1,672 shares during the period. State Street Corp increased its position in W&T Offshore by 1.0% in the fourth quarter. State Street Corp now owns 624,562 shares of the oil and gas company’s stock valued at $1,729,000 after buying an additional 6,470 shares during the period. Tudor Investment Corp ET AL increased its position 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 buying an additional 7,478 shares during the period. Bank of New York Mellon Corp increased its position in W&T Offshore by 5.6% in the first quarter. Bank of New York Mellon Corp now owns 151,848 shares of the oil and gas company’s stock valued at $420,000 after buying an additional 8,072 shares during the period. Finally, Virtu KCG Holdings LLC increased its position in W&T Offshore by 9.0% in the second quarter. Virtu KCG Holdings LLC now owns 125,107 shares of the oil and gas company’s stock valued at $245,000 after buying an additional 10,278 shares during the period. 49.10% of the stock is currently owned by institutional investors and hedge funds.
W&T Offshore Company Profile
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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