W&T Offshore Inc. (WTI) Downgraded by Barclays PLC to Underweight
W&T Offshore Inc. (NYSE:WTI) was downgraded by equities researchers at Barclays PLC from an “equal weight” rating to an “underweight” rating in a research note issued on Monday. They presently have a $1.00 price target on the stock, down from their previous price target of $2.00. Barclays PLC’s price objective points to a potential downside of 31.97% from the company’s previous close.
Separately, Zacks Investment Research raised W&T Offshore from a “hold” rating to a “buy” rating and set a $2.25 price target on the stock in a research note on Tuesday, July 26th. One research analyst has rated the stock with a sell rating, three have issued 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.
W&T Offshore (NYSE:WTI) traded down 5.16% during mid-day trading on Monday, hitting $1.47. 1,762,255 shares of the company were exchanged. The firm has a 50 day moving average price of $1.65 and a 200 day moving average price of $2.01. The stock’s market cap is $112.42 million. W&T Offshore has a 12 month low of $1.23 and a 12 month high of $4.00.
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W&T Offshore (NYSE:WTI) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.22. The company had revenue of $99.70 million for the quarter, compared to analysts’ expectations of $102.64 million. The company’s revenue for the quarter was down 33.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.54) EPS. Analysts anticipate that W&T Offshore will post ($2.16) EPS for the current fiscal year.
In other news, Director Virginia Boulet acquired 16,700 shares of W&T Offshore stock in a transaction dated Thursday, September 15th. The shares were acquired at an average cost of $1.59 per share, with a total value of $26,553.00. Following the purchase, the director now directly owns 116,104 shares of the company’s stock, valued at approximately $184,605.36. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 54.08% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Spark Investment Management LLC raised 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 in the last quarter. State Street Corp raised 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 in the last quarter. Retirement Planning Group raised 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 in the last quarter. KBC Group NV purchased a new position in W&T Offshore during the second quarter valued at $173,000. Finally, California Public Employees Retirement System raised 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 in the last quarter. 26.01% of the stock is currently owned by institutional investors and hedge funds.
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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