W&T Offshore, Inc. (WTI) Position Held by Centerbridge Partners L.P.
Centerbridge Partners L.P. continued to hold its stake in W&T Offshore, Inc. (NYSE:WTI) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,121,051 shares of the oil and gas company’s stock at the end of the second quarter. W&T Offshore accounts for approximately 0.8% of Centerbridge Partners L.P.’s investment portfolio, making the stock its 11th biggest position. Centerbridge Partners L.P. owned about 3.00% of W&T Offshore worth $8,078,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of WTI. JPMorgan Chase & Co. boosted its stake in shares of W&T Offshore by 15,089.6% during the second quarter. JPMorgan Chase & Co. now owns 3,152,900 shares of the oil and gas company’s stock valued at $6,180,000 after purchasing an additional 3,132,143 shares in the last quarter. Principal Financial Group Inc. bought a new position in W&T Offshore in the 2nd quarter valued at approximately $4,796,000. Vanguard Group Inc. raised its holdings in W&T Offshore by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 2,308,510 shares of the oil and gas company’s stock valued at $6,394,000 after buying an additional 128,417 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in W&T Offshore by 60.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,995,872 shares of the oil and gas company’s stock valued at $3,912,000 after buying an additional 751,066 shares during the last quarter. Finally, Chicago Equity Partners LLC bought a new position in W&T Offshore in the 2nd quarter valued at approximately $2,637,000. 49.12% of the stock is owned by institutional investors and hedge funds.
Shares of W&T Offshore, Inc. (NYSE:WTI) traded up 4.557% during mid-day trading on Monday, reaching $3.189. The company’s stock had a trading volume of 2,629,748 shares. The company’s 50-day moving average is $1.99 and its 200 day moving average is $2.19. The firm has a market cap of $438.73 million, a price-to-earnings ratio of 3.422 and a beta of 2.49. W&T Offshore, Inc. has a 12 month low of $1.31 and a 12 month high of $3.69.
W&T Offshore (NYSE:WTI) last announced its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported $0.22 earnings per share for the quarter, beating 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) EPS. The firm’s revenue for the quarter was up 23.7% compared to the same quarter last year. On average, equities analysts anticipate that W&T Offshore, Inc. will post $0.53 EPS for the current year.
WTI has been the subject of several recent research reports. Barclays PLC restated a “sell” rating and issued a $1.50 price target on shares of W&T Offshore in a research report on Friday, July 7th. Zacks Investment Research cut shares of W&T Offshore from a “buy” rating to a “sell” rating in a research note on Friday, July 14th. ValuEngine downgraded W&T Offshore from a “buy” rating to a “hold” rating in a report on Monday, August 7th. Finally, BidaskClub lowered W&T Offshore from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 11th. Two 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 presently has an average rating of “Hold” and a consensus price target of $2.50.
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In other W&T Offshore news, CEO Tracy W. Krohn purchased 918,763 shares of the stock in a transaction on Wednesday, September 13th. The stock was acquired at an average price of $2.08 per share, with a total value of $1,911,027.04. Following the transaction, the chief executive officer now directly owns 44,532,480 shares of the company’s stock, valued at approximately $92,627,558.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Virginia Boulet purchased 16,500 shares of the stock in a transaction on Thursday, September 14th. The shares were acquired at an average cost of $2.46 per share, with a total value of $40,590.00. Following the transaction, the director now directly owns 178,047 shares in the company, valued at $437,995.62. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 1,388,841 shares of company stock valued at $2,804,309. 32.58% of the stock is currently owned by company insiders.
W&T Offshore Profile
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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