W&T Offshore Inc. (WTI) Trading 10.5% Higher on Insider Buying Activity
W&T Offshore Inc. (NYSE:WTI)’s share price was up 10.5% on Wednesday following insider buying activity. The company traded as high as $1.74 and last traded at $1.69, with a volume of 2,077,482 shares trading hands. The stock had previously closed at $1.53.
Specifically, Director Stuart B. Katz purchased 25,000 shares of the company’s stock in a transaction on Tuesday, November 29th. The stock was acquired at an average price of $1.57 per share, for a total transaction of $39,250.00. Following the completion of the purchase, the director now directly owns 118,270 shares in the company, valued at approximately $185,683.90. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Virginia Boulet purchased 16,700 shares of the company’s stock in a transaction on Thursday, September 15th. The stock was acquired at an average price of $1.59 per share, with a total value of $26,553.00. Following the purchase, the director now owns 116,104 shares of the company’s stock, valued at $184,605.36. The disclosure for this purchase can be found here. 54.08% of the stock is currently owned by company insiders.
Separately, Barclays PLC downgraded shares of W&T Offshore from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $2.00 to $1.00 in a research note on Monday, October 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $2.19.
The stock’s market capitalization is $231.40 million. The stock has a 50 day moving average of $1.52 and a 200-day moving average of $1.85.
W&T Offshore (NYSE:WTI) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.19. The firm had revenue of $107.40 million for the quarter, compared to analysts’ expectations of $109.57 million. The business’s quarterly revenue was down 14.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.79) EPS. Equities analysts anticipate that W&T Offshore Inc. will post ($1.80) earnings per share for the current year.
Several institutional investors have recently made changes to their positions in the stock. Panagora Asset Management Inc. increased its position in shares of W&T Offshore by 4,976.8% in the third quarter. Panagora Asset Management Inc. now owns 278,816 shares of the company’s stock valued at $490,000 after buying an additional 273,324 shares during the last quarter. KCG Holdings Inc. increased its position in W&T Offshore by 189.9% in the third quarter. KCG Holdings Inc. now owns 147,046 shares of the company’s stock worth $259,000 after buying an additional 96,327 shares in the last quarter. Morgan Stanley increased its position in W&T Offshore by 1,229.6% in the third quarter. Morgan Stanley now owns 155,634 shares of the company’s stock worth $274,000 after buying an additional 143,929 shares in the last quarter. Northern Trust Corp increased its position in W&T Offshore by 3.5% in the third quarter. Northern Trust Corp now owns 386,705 shares of the company’s stock worth $681,000 after buying an additional 12,972 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in W&T Offshore by 2.3% in the third quarter. California State Teachers Retirement System now owns 74,275 shares of the company’s stock worth $131,000 after buying an additional 1,700 shares in the last quarter. 52.06% of the stock is currently owned by institutional investors and hedge funds.
About W&T Offshore
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. The Company owns a platform in the Gulf of Mexico located in a National Marine Sanctuary. The Company’s fields are located in federal and state waters in the Gulf of Mexico.
Receive News & Ratings for W&T Offshore Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for W&T Offshore Inc. and related companies with MarketBeat.com's FREE daily email newsletter.