W&T Offshore, Inc. (WTI) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS
W&T Offshore, Inc. (NYSE:WTI) released its earnings results on Wednesday. The oil and gas company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.06, Briefing.com reports. W&T Offshore had a net margin of 15.38% and a negative return on equity of 10.72%. The business had revenue of $110.30 million during the quarter, compared to analysts’ expectations of $119.50 million. During the same quarter last year, the company earned ($0.24) earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis.
W&T Offshore (NYSE:WTI) traded down $0.13 during trading hours on Friday, reaching $3.18. 1,438,080 shares of the company traded hands, compared to its average volume of 2,118,396. The stock has a market capitalization of $423.11, a price-to-earnings ratio of 6.40 and a beta of 2.51.
WTI has been the subject of several research reports. ValuEngine upgraded shares of W&T Offshore from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. 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. BidaskClub cut shares of W&T Offshore from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 11th. Finally, Barclays PLC reiterated a “sell” rating and issued a $1.50 target price 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 stock. W&T Offshore currently has a consensus rating of “Hold” and a consensus price target of $2.50.
In other W&T Offshore news, Director Stuart B. Katz purchased 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was purchased at an average price of $1.85 per share, with a total value of $92,500.00. Following the completion of the transaction, the director now directly owns 205,113 shares of the company’s stock, valued at approximately $379,459.05. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Virginia Boulet purchased 16,500 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was 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 of the company’s stock, valued at $437,995.62. The disclosure for this purchase can be found here. Insiders purchased 1,388,841 shares of company stock valued at $2,804,309 in the last three months. Company insiders own 32.58% of the company’s stock.
A number of large investors have recently bought and sold shares of WTI. State Street Corp raised its position in W&T Offshore by 103.7% in the second quarter. State Street Corp now owns 1,265,497 shares of the oil and gas company’s stock worth $2,481,000 after purchasing an additional 644,138 shares in the last quarter. California State Teachers Retirement System raised its position 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 worth $326,000 after purchasing an additional 94,600 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in W&T Offshore by 782.6% in the second quarter. The Manufacturers Life Insurance Company now owns 82,579 shares of the oil and gas company’s stock worth $162,000 after purchasing an additional 73,223 shares in the last quarter. 49.06% of the stock is owned by hedge funds and other institutional investors.
W&T Offshore Company 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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