W&T Offshore (NYSE:WTI) Shares Gap Down to $4.33

W&T Offshore, Inc. (NYSE:WTI) shares gapped down prior to trading on Thursday . The stock had previously closed at $4.09, but opened at $4.33. W&T Offshore shares last traded at $4.13, with a volume of 1,294,193 shares changing hands.

A number of analysts have issued reports on the company. Seaport Global Securities reaffirmed a “buy” rating on shares of W&T Offshore in a report on Friday, June 21st. Zacks Investment Research lowered W&T Offshore from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 30th. Stifel Nicolaus set a $10.00 target price on W&T Offshore and gave the company a “buy” rating in a report on Monday. ValuEngine lowered W&T Offshore from a “sell” rating to a “strong sell” rating in a report on Friday, May 3rd. Finally, Capital One Financial raised W&T Offshore from an “underweight” rating to an “equal weight” rating in a report on Thursday, May 23rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $8.75.

The stock has a 50-day simple moving average of $4.57 and a 200 day simple moving average of $5.23. The company has a market cap of $655.62 million, a P/E ratio of 4.13 and a beta of 2.99.

W&T Offshore (NYSE:WTI) last announced its quarterly earnings data on Wednesday, July 31st. The oil and gas company reported $0.25 EPS for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.16. W&T Offshore had a negative return on equity of 31.98% and a net margin of 31.72%. The company had revenue of $134.70 million during the quarter, compared to the consensus estimate of $126.50 million. During the same quarter last year, the company earned $0.29 EPS. The company’s quarterly revenue was down 10.0% on a year-over-year basis. On average, research analysts expect that W&T Offshore, Inc. will post 0.43 EPS for the current year.

In other news, CEO Tracy W. Krohn acquired 22,563 shares of W&T Offshore stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $4.17 per share, for a total transaction of $94,087.71. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Virginia Boulet acquired 7,000 shares of W&T Offshore stock in a transaction on Friday, June 7th. The stock was purchased at an average price of $4.34 per share, with a total value of $30,380.00. Following the transaction, the director now directly owns 215,373 shares in the company, valued at approximately $934,718.82. The disclosure for this purchase can be found here. Insiders acquired a total of 173,913 shares of company stock valued at $783,229 in the last quarter. Corporate insiders own 33.60% of the company’s stock.

Several hedge funds have recently made changes to their positions in the business. Point72 Hong Kong Ltd lifted its position in shares of W&T Offshore by 1,442.4% during the 2nd quarter. Point72 Hong Kong Ltd now owns 9,825 shares of the oil and gas company’s stock worth $49,000 after buying an additional 9,188 shares during the period. Stone Ridge Asset Management LLC bought a new position in W&T Offshore in the 2nd quarter valued at $60,000. Meritage Portfolio Management raised its position in W&T Offshore by 35.2% in the 2nd quarter. Meritage Portfolio Management now owns 13,980 shares of the oil and gas company’s stock valued at $69,000 after purchasing an additional 3,637 shares during the last quarter. Denali Advisors LLC raised its position in W&T Offshore by 4,858.7% in the 2nd quarter. Denali Advisors LLC now owns 14,281 shares of the oil and gas company’s stock valued at $71,000 after purchasing an additional 13,993 shares during the last quarter. Finally, Legal & General Group Plc raised its position in W&T Offshore by 22.9% in the 4th quarter. Legal & General Group Plc now owns 17,914 shares of the oil and gas company’s stock valued at $74,000 after purchasing an additional 3,335 shares during the last quarter. Institutional investors own 59.24% of the company’s stock.

About W&T Offshore (NYSE:WTI)

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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