W&T Offshore, Inc. (WTI) Upgraded by Zacks Investment Research to Buy
W&T Offshore, Inc. (NYSE:WTI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday. The brokerage currently has a $2.25 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 18.42% from the stock’s current price.
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. “
A number of other research analysts have also recently commented on the stock. ValuEngine cut shares of W&T Offshore from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd. BidaskClub cut shares of W&T Offshore from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 11th. Finally, Barclays PLC reiterated a “sell” rating and set a $1.50 price target on shares of W&T Offshore in a research report on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $2.50.
W&T Offshore (WTI) traded down 2.06% during midday trading on Friday, reaching $1.90. 1,819,300 shares of the company’s stock were exchanged. W&T Offshore has a 12 month low of $1.31 and a 12 month high of $3.47. The firm has a 50 day moving average of $1.93 and a 200-day moving average of $2.21. The stock has a market cap of $261.39 million, a PE ratio of 2.04 and a beta of 2.41.
W&T Offshore (NYSE:WTI) last issued its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.21. W&T Offshore had a net margin of 25.52% and a negative return on equity of 6.08%. The business had revenue of $123.32 million for the quarter, compared to analysts’ expectations of $121.30 million. During the same period last year, the business earned ($0.47) earnings per share. The business’s quarterly revenue was up 23.7% on a year-over-year basis. On average, equities research analysts predict that W&T Offshore will post $0.53 earnings per share for the current year.
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In other news, CEO Tracy W. Krohn bought 132,134 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were purchased at an average price of $1.85 per share, for a total transaction of $244,447.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stuart B. Katz bought 50,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was purchased at an average price of $1.85 per share, for a total transaction of $92,500.00. Following the acquisition, the director now directly owns 205,113 shares of the company’s stock, valued at approximately $379,459.05. The disclosure for this purchase can be found here. Insiders bought 453,578 shares of company stock worth $852,692 in the last 90 days. Company insiders own 32.58% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Prudential Financial Inc. bought a new position in shares of W&T Offshore in the first quarter worth approximately $124,000. Columbia Pacific Advisors LLC grew its holdings in shares of W&T Offshore by 43.9% in the first quarter. Columbia Pacific Advisors LLC now owns 466,239 shares of the oil and gas company’s stock worth $1,291,000 after purchasing an additional 142,139 shares during the last quarter. Menta Capital LLC bought a new position in shares of W&T Offshore in the first quarter worth approximately $960,000. Quantitative Investment Management LLC bought a new position in shares of W&T Offshore in the first quarter worth approximately $775,000. Finally, Alambic Investment Management L.P. bought a new position in shares of W&T Offshore in the first quarter worth approximately $631,000. Hedge funds and other institutional investors own 50.88% 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. 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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