W&T Offshore, Inc. (WTI) Downgraded to “Hold” at Zacks Investment Research
W&T Offshore, Inc. (NYSE:WTI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.
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. “
Other analysts have also recently issued research reports about the stock. BidaskClub cut shares of W&T Offshore from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 11th. ValuEngine upgraded shares of W&T Offshore from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Finally, Barclays PLC reiterated a “sell” rating and issued a $1.50 price target on shares of W&T Offshore in a research note on Friday, July 7th. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $2.50.
Shares of W&T Offshore (NYSE:WTI) opened at 3.25 on Friday. The company has a 50 day moving average of $2.39 and a 200 day moving average of $2.22. W&T Offshore has a 1-year low of $1.31 and a 1-year high of $3.69. The firm has a market cap of $447.12 million, a price-to-earnings ratio of 3.49 and a beta of 2.51.
W&T Offshore (NYSE:WTI) last announced its earnings results on Thursday, August 3rd. The oil and gas company reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $121.30 million. During the same quarter in the prior year, the company posted ($0.47) earnings per share. The firm’s revenue was up 23.7% on a year-over-year basis. On average, equities analysts forecast that W&T Offshore will post $0.53 earnings per share for the current fiscal year.
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In other news, Director Stuart B. Katz purchased 50,000 shares of the business’s stock in a transaction on 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 completion of the purchase, the director now directly owns 205,113 shares in the company, valued at approximately $379,459.05. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Virginia Boulet purchased 16,500 shares of the business’s stock in a transaction on Thursday, September 14th. The stock was purchased at an average price of $2.46 per share, with a total value of $40,590.00. Following the purchase, the director now owns 178,047 shares of the company’s stock, valued at $437,995.62. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 1,388,841 shares of company stock valued at $2,804,309. Corporate insiders own 32.58% of the company’s stock.
A number of hedge funds have recently made changes to their positions in WTI. Nationwide Fund Advisors lifted its stake in W&T Offshore by 165.5% in the first quarter. Nationwide Fund Advisors now owns 59,735 shares of the oil and gas company’s stock valued at $165,000 after acquiring an additional 37,238 shares during the last quarter. Bank of New York Mellon Corp lifted its stake 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 acquiring an additional 8,072 shares during the last quarter. Prudential Financial Inc. acquired a new stake in W&T Offshore in the first quarter valued at $124,000. Spark Investment Management LLC acquired a new stake in W&T Offshore in the first quarter valued at $381,000. Finally, Menta Capital LLC acquired a new stake in W&T Offshore in the first quarter valued at $960,000. Hedge funds and other institutional investors own 49.12% 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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