W&T Offshore, Inc. (NYSE:WTI) shares gapped up before the market opened on Wednesday . The stock had previously closed at $3.92, but opened at $4.01. W&T Offshore shares last traded at $4.06, with a volume of 2,140,325 shares trading hands.

A number of research analysts have recently commented on WTI shares. ValuEngine raised W&T Offshore from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Stifel Nicolaus set a $10.00 target price on W&T Offshore and gave the stock a “buy” rating in a report on Monday, August 12th. Seaport Global Securities reaffirmed a “buy” rating on shares of W&T Offshore in a report on Friday, June 21st. Finally, Roth Capital set a $11.00 target price on W&T Offshore and gave the stock a “buy” rating in a report on Friday, August 16th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $9.67.

The business has a fifty day moving average of $4.49 and a 200-day moving average of $5.01. The stock has a market capitalization of $590.90 million, a price-to-earnings ratio of 4.02 and a beta of 2.89.

W&T Offshore (NYSE:WTI) last released its earnings results on Wednesday, July 31st. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.16. The firm had revenue of $134.70 million for the quarter, compared to analyst estimates of $126.50 million. W&T Offshore had a negative return on equity of 31.98% and a net margin of 31.72%. W&T Offshore’s revenue was down 10.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.29 earnings per share. As a group, sell-side analysts predict that W&T Offshore, Inc. will post 0.4 EPS for the current fiscal year.

In related news, CEO Tracy W. Krohn purchased 100,000 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The shares were purchased at an average price of $4.60 per share, with a total value of $460,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, insider William J. Williford purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was bought at an average cost of $4.12 per share, for a total transaction of $41,200.00. Following the purchase, the insider now directly owns 61,245 shares in the company, valued at approximately $252,329.40. The disclosure for this purchase can be found here. Insiders purchased a total of 261,913 shares of company stock worth $1,130,299 in the last three months. 33.60% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Point72 Hong Kong Ltd boosted its position in 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 acquiring an additional 9,188 shares during the period. Stone Ridge Asset Management LLC acquired a new stake in W&T Offshore during the 2nd quarter worth about $60,000. Meritage Portfolio Management boosted its position in W&T Offshore by 35.2% during the 2nd quarter. Meritage Portfolio Management now owns 13,980 shares of the oil and gas company’s stock worth $69,000 after acquiring an additional 3,637 shares during the period. Denali Advisors LLC boosted its position in W&T Offshore by 4,858.7% during the 2nd quarter. Denali Advisors LLC now owns 14,281 shares of the oil and gas company’s stock worth $71,000 after acquiring an additional 13,993 shares during the period. Finally, Point72 Asset Management L.P. boosted its position in W&T Offshore by 17.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 21,787 shares of the oil and gas company’s stock worth $108,000 after acquiring an additional 3,215 shares during the period. 58.88% of the stock is currently owned by hedge funds and other institutional investors.

W&T Offshore Company Profile (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.

See Also: The four types of profit margin

Receive News & Ratings for W&T Offshore Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for W&T Offshore and related companies with MarketBeat.com's FREE daily email newsletter.