W&T Offshore, Inc. (WTI) Posts Earnings Results, Beats Expectations By $0.06 EPS
W&T Offshore, Inc. (NYSE:WTI) announced its quarterly earnings data on Wednesday. The oil and gas company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.06, Briefing.com reports. The business had revenue of $110.30 million during the quarter, compared to analysts’ expectations of $119.50 million. W&T Offshore had a negative return on equity of 10.72% and a net margin of 15.38%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.24) earnings per share.
Shares of W&T Offshore (NYSE WTI) traded down $0.14 during mid-day trading on Friday, hitting $3.17. The company had a trading volume of 1,357,901 shares, compared to its average volume of 2,118,396. The firm has a market cap of $423.11, a P/E ratio of 6.40 and a beta of 2.51.
Several research analysts have weighed in on the company. ValuEngine lowered W&T Offshore from a “buy” rating to a “hold” rating in a report on Monday, August 7th. Zacks Investment Research upgraded W&T Offshore from a “sell” rating to a “hold” rating in a report on Wednesday, August 23rd. Barclays PLC reiterated a “sell” rating and set a $1.50 target price on shares of W&T Offshore in a report on Friday, July 7th. Finally, BidaskClub downgraded W&T Offshore from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 11th. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. W&T Offshore has an average rating of “Hold” and an average price target of $2.50.
In other news, CEO Tracy W. Krohn purchased 132,134 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was bought at an average cost of $1.85 per share, for a total transaction of $244,447.90. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Virginia Boulet purchased 16,500 shares of the company’s stock in a transaction dated 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 completion of the purchase, the director now directly owns 178,047 shares in the company, valued at approximately $437,995.62. The disclosure for this purchase can be found here. Insiders have acquired 1,388,841 shares of company stock valued at $2,804,309 over the last 90 days. Corporate insiders own 32.58% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System increased its holdings in W&T Offshore by 132.2% in the second quarter. California State Teachers Retirement System now owns 166,175 shares of the oil and gas company’s stock valued at $326,000 after purchasing an additional 94,600 shares during the period. The Manufacturers Life Insurance Company grew its holdings in W&T Offshore by 782.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 82,579 shares of the oil and gas company’s stock worth $162,000 after acquiring an additional 73,223 shares during the period. Finally, State Street Corp grew its holdings in W&T Offshore by 103.7% during the 2nd quarter. State Street Corp now owns 1,265,497 shares of the oil and gas company’s stock worth $2,481,000 after acquiring an additional 644,138 shares during the period. Institutional investors own 49.06% of the company’s stock.
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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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