W&T Offshore (WTI) Stock Price Down 11.2%
W&T Offshore, Inc. (NYSE:WTI) shares were down 11.2% during trading on Tuesday . The company traded as low as $5.30 and last traded at $5.41. Approximately 3,952,141 shares changed hands during mid-day trading, an increase of 20% from the average daily volume of 3,297,447 shares. The stock had previously closed at $6.09.
A number of research analysts have commented on WTI shares. Seaport Global Securities restated a “buy” rating on shares of W&T Offshore in a research note on Wednesday, July 25th. Zacks Investment Research upgraded shares of W&T Offshore from a “hold” rating to a “strong-buy” rating and set a $9.25 price target on the stock in a research note on Thursday, September 27th. ValuEngine lowered shares of W&T Offshore from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. KLR Group reiterated a “sell” rating and set a $6.25 price target on shares of W&T Offshore in a research note on Monday, August 20th. Finally, Roth Capital upgraded shares of W&T Offshore from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $8.50 to $10.75 in a research note on Monday, October 15th. Three research analysts have rated the stock with a sell rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $7.92.
The firm has a market cap of $847.45 million, a PE ratio of 10.36 and a beta of 2.74.
Several hedge funds and other institutional investors have recently made changes to their positions in WTI. Bank of Montreal Can purchased a new stake in shares of W&T Offshore in the second quarter valued at about $2,808,000. James Investment Research Inc. acquired a new position in W&T Offshore during the second quarter worth approximately $824,000. Hartford Investment Management Co. acquired a new position in W&T Offshore during the second quarter worth approximately $686,000. CAPROCK Group Inc. acquired a new stake in shares of W&T Offshore in the second quarter worth $185,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of W&T Offshore in the second quarter worth $1,286,000. 64.00% of the stock is currently owned by 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.
Further Reading: How are Outstanding Shares Different from Authorized Shares?
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