W&T Offshore, Inc. (NYSE:WTI) Downgraded by BidaskClub

W&T Offshore, Inc. (NYSE:WTI) was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday, July 11th.

Several other brokerages have also recently issued reports on WTI. Zacks Investment Research cut W&T Offshore from a “buy” rating to a “hold” rating in a research note on Thursday, May 4th. ValuEngine upgraded W&T Offshore from a “sell” rating to a “hold” rating in a research note on Friday, May 19th. Finally, Barclays PLC restated a “sell” rating and set a $1.50 price objective on shares of W&T Offshore in a research note on Friday, July 7th. Three equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. W&T Offshore presently has a consensus rating of “Hold” and a consensus price target of $2.58.

W&T Offshore (NYSE WTI) traded down 1.50% during mid-day trading on Tuesday, hitting $1.97. 1,427,362 shares of the stock were exchanged. The stock’s market cap is $270.90 million. W&T Offshore has a 52-week low of $1.31 and a 52-week high of $3.47. The stock’s 50 day moving average is $1.99 and its 200 day moving average is $2.40.

W&T Offshore (NYSE:WTI) last released its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.21. W&T Offshore had a net margin of 25.52% and a negative return on equity of 5.94%. The business had revenue of $123.32 million during the quarter, compared to the consensus estimate of $121.30 million. During the same quarter last year, the company earned ($0.47) earnings per share. The business’s quarterly revenue was up 23.7% compared to the same quarter last year. Analysts forecast that W&T Offshore will post $0.30 EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio raised its position in W&T Offshore by 4.1% in the first quarter. Public Employees Retirement System of Ohio now owns 42,234 shares of the oil and gas company’s stock worth $117,000 after buying an additional 1,672 shares during the last quarter. State Street Corp raised its position in W&T Offshore by 1.0% in the fourth quarter. State Street Corp now owns 624,562 shares of the oil and gas company’s stock worth $1,729,000 after buying an additional 6,470 shares during the last quarter. Tudor Investment Corp ET AL raised its position in W&T Offshore by 23.3% in the first quarter. Tudor Investment Corp ET AL now owns 39,520 shares of the oil and gas company’s stock worth $109,000 after buying an additional 7,478 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of W&T Offshore by 5.6% in the first quarter. Bank of New York Mellon Corp now owns 151,848 shares of the oil and gas company’s stock worth $420,000 after buying an additional 8,072 shares in the last quarter. Finally, Nationwide Fund Advisors boosted its position in shares of W&T Offshore by 165.5% in the first quarter. Nationwide Fund Advisors now owns 59,735 shares of the oil and gas company’s stock worth $165,000 after buying an additional 37,238 shares in the last quarter. 46.72% of the stock is currently owned by hedge funds and other institutional investors.

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. 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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