W&T Offshore (WTI) Shares Gap Down to $7.87

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W&T Offshore, Inc. (NYSE:WTI) gapped down before the market opened on Tuesday . The stock had previously closed at $7.89, but opened at $7.87. W&T Offshore shares last traded at $8.23, with a volume of 68640 shares.

Several equities research analysts have recently issued reports on WTI shares. Capital One Financial cut W&T Offshore from an “equal weight” rating to an “underweight” rating in a report on Wednesday, May 16th. Seaport Global Securities upgraded W&T Offshore to a “buy” rating in a report on Thursday, June 14th. Zacks Investment Research upgraded W&T Offshore from a “hold” rating to a “strong-buy” rating and set a $7.25 price objective on the stock in a report on Saturday, May 5th. Roth Capital started coverage on W&T Offshore in a report on Wednesday, May 23rd. They set a “neutral” rating and a $8.75 price objective on the stock. Finally, KLR Group cut W&T Offshore from a “hold” rating to a “sell” rating and set a $6.00 price objective on the stock. in a report on Tuesday, May 15th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. W&T Offshore currently has a consensus rating of “Hold” and a consensus target price of $7.33.

The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of -1.78. The firm has a market capitalization of $1.12 billion, a PE ratio of 14.25 and a beta of 2.73.

W&T Offshore (NYSE:WTI) last posted its quarterly earnings data on Wednesday, May 2nd. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.19. W&T Offshore had a negative return on equity of 15.43% and a net margin of 16.71%. The business had revenue of $134.20 million for the quarter, compared to analysts’ expectations of $137.80 million. During the same quarter last year, the firm earned $0.16 earnings per share. The business’s revenue was up 7.9% on a year-over-year basis. research analysts forecast that W&T Offshore, Inc. will post 0.71 earnings per share for the current fiscal year.

In other W&T Offshore news, Director Virginia Boulet acquired 5,950 shares of the firm’s stock in a transaction dated Friday, June 1st. The shares were acquired at an average price of $6.83 per share, for a total transaction of $40,638.50. Following the completion of the acquisition, the director now directly owns 195,783 shares of the company’s stock, valued at $1,337,197.89. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 32.58% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of WTI. Wells Fargo & Company MN boosted its holdings in W&T Offshore by 2,013.2% in the fourth quarter. Wells Fargo & Company MN now owns 520,604 shares of the oil and gas company’s stock valued at $1,723,000 after acquiring an additional 495,968 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in W&T Offshore by 80.7% in the fourth quarter. Bank of New York Mellon Corp now owns 758,108 shares of the oil and gas company’s stock valued at $2,510,000 after acquiring an additional 338,561 shares during the last quarter. BlackRock Inc. boosted its holdings in W&T Offshore by 9.7% in the fourth quarter. BlackRock Inc. now owns 6,511,169 shares of the oil and gas company’s stock valued at $21,551,000 after acquiring an additional 576,654 shares during the last quarter. Geode Capital Management LLC boosted its holdings in W&T Offshore by 58.3% in the fourth quarter. Geode Capital Management LLC now owns 2,536,243 shares of the oil and gas company’s stock valued at $8,394,000 after acquiring an additional 934,315 shares during the last quarter. Finally, Thrivent Financial For Lutherans acquired a new position in W&T Offshore in the fourth quarter valued at $472,000. Hedge funds and other institutional investors own 50.90% of the company’s stock.

About W&T Offshore

W&T Offshore, Inc, an independent oil and natural gas producer, acquires, explores for, and develops oil and natural gas properties in the Gulf of Mexico. The company sells crude oil, natural gas liquids, and natural gas. It holds working interests in approximately 49 offshore fields in federal and state waters.

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