W&T Offshore Inc. (WTI) Bonds Trading 2.7% Higher
An issue of W&T Offshore Inc. (NYSE:WTI) bonds rose 2.7% against their face value during trading on Wednesday. The debt issue has a 8.5% coupon and is set to mature on June 15, 2019. The bonds in the issue are now trading at $38.00 and were trading at $31.00 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.
Separately, Zacks Investment Research raised 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. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. W&T Offshore currently has an average rating of “Hold” and a consensus target price of $2.35.
Shares of W&T Offshore Inc. (NYSE:WTI) opened at 1.60 on Thursday. W&T Offshore Inc. has a 52 week low of $1.23 and a 52 week high of $4.00. The stock’s market capitalization is $122.36 million. The company has a 50-day moving average price of $1.81 and a 200 day moving average price of $2.14.
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W&T Offshore (NYSE:WTI) last announced its quarterly earnings results on Thursday, August 4th. The company reported ($0.47) EPS for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.22. The firm had revenue of $99.70 million for the quarter, compared to the consensus estimate of $102.64 million. During the same period in the previous year, the company posted ($0.54) earnings per share. W&T Offshore’s quarterly revenue was down 33.1% on a year-over-year basis. Equities analysts forecast that W&T Offshore Inc. will post ($2.16) EPS for the current fiscal year.
In other news, Director Virginia Boulet purchased 16,700 shares of the company’s stock in a transaction that occurred on Thursday, September 15th. The stock was bought at an average cost of $1.59 per share, with a total value of $26,553.00. Following the completion of the purchase, the director now owns 116,104 shares in the company, valued at $184,605.36. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 54.08% of the company’s stock.
A number of institutional investors have recently made changes to their positions in WTI. KCG Holdings Inc. raised its position in shares of W&T Offshore by 11.0% in the second quarter. KCG Holdings Inc. now owns 50,719 shares of the company’s stock worth $118,000 after buying an additional 5,034 shares during the last quarter. Retirement Planning Group raised its stake in W&T Offshore by 14.3% in the second quarter. Retirement Planning Group now owns 80,000 shares of the company’s stock valued at $186,000 after buying an additional 10,000 shares during the last quarter. BlackRock Group LTD raised its stake in W&T Offshore by 36.4% in the first quarter. BlackRock Group LTD now owns 50,408 shares of the company’s stock valued at $110,000 after buying an additional 13,454 shares during the last quarter. BlackRock Investment Management LLC raised its stake in W&T Offshore by 11.6% in the second quarter. BlackRock Investment Management LLC now owns 151,956 shares of the company’s stock valued at $353,000 after buying an additional 15,834 shares during the last quarter. Finally, State Street Corp raised its stake 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 last quarter. 26.01% of the stock is owned by institutional investors.
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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