W&T Offshore (NYSE:WTI) Shares Down 9.4%

W&T Offshore, Inc. (NYSE:WTIGet Rating) dropped 9.4% during mid-day trading on Friday . The stock traded as low as $5.99 and last traded at $6.00. Approximately 93,913 shares traded hands during trading, a decline of 98% from the average daily volume of 4,672,164 shares. The stock had previously closed at $6.62.

WTI has been the topic of several analyst reports. StockNews.com lowered shares of W&T Offshore from a “buy” rating to a “hold” rating in a research report on Wednesday, May 18th. Roth Capital reissued a “buy” rating on shares of W&T Offshore in a research report on Tuesday, March 1st.

The firm has a market capitalization of $839.47 million, a P/E ratio of -19.35 and a beta of 2.19. The business’s 50-day moving average is $5.88 and its 200 day moving average is $4.74.

W&T Offshore (NYSE:WTIGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The oil and gas company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. W&T Offshore had a negative net margin of 6.93% and a negative return on equity of 18.05%. The business had revenue of $191.00 million for the quarter, compared to analyst estimates of $159.49 million. During the same period last year, the firm earned $0.11 earnings per share. W&T Offshore’s revenue for the quarter was up 52.1% compared to the same quarter last year. On average, analysts forecast that W&T Offshore, Inc. will post 1.56 EPS for the current fiscal year.

In related news, insider Shahid Ghauri sold 116,411 shares of the firm’s stock in a transaction dated Monday, March 21st. The shares were sold at an average price of $4.50, for a total transaction of $523,849.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. 34.40% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the business. Citigroup Inc. grew its stake in W&T Offshore by 30.9% during the third quarter. Citigroup Inc. now owns 11,126 shares of the oil and gas company’s stock worth $41,000 after buying an additional 2,625 shares in the last quarter. Deutsche Bank AG grew its stake in W&T Offshore by 1.1% during the fourth quarter. Deutsche Bank AG now owns 285,218 shares of the oil and gas company’s stock worth $921,000 after buying an additional 3,023 shares in the last quarter. Ethic Inc. grew its stake in W&T Offshore by 20.4% during the first quarter. Ethic Inc. now owns 18,956 shares of the oil and gas company’s stock worth $72,000 after buying an additional 3,213 shares in the last quarter. State of Tennessee Treasury Department grew its stake in W&T Offshore by 8.3% during the first quarter. State of Tennessee Treasury Department now owns 43,201 shares of the oil and gas company’s stock worth $165,000 after buying an additional 3,310 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in W&T Offshore by 2.9% during the fourth quarter. Rhumbline Advisers now owns 153,952 shares of the oil and gas company’s stock worth $497,000 after buying an additional 4,339 shares in the last quarter. Hedge funds and other institutional investors own 36.85% of the company’s stock.

W&T Offshore Company Profile (NYSE:WTI)

W&T Offshore, Inc, an independent oil and natural gas producer, engages in the acquisition, exploration, and development of oil and natural gas properties in the Gulf of Mexico. The company sells crude oil, natural gas liquids, and natural gas. As of December 31, 2021, the company had working interests in 43 fields in federal and state waters; and under lease approximately 606,000 gross acres, including approximately 419,000 gross acres on the Gulf of Mexico Shelf, as well as approximately 187,000 gross acres in the Gulf of Mexico deepwater.

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