State Board of Administration of Florida Retirement System lowered its stake in shares of W&T Offshore, Inc. (NYSE:WTI) by 72.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,239 shares of the oil and gas company’s stock after selling 103,460 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in W&T Offshore were worth $281,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of WTI. JPMorgan Chase & Co. grew its position in W&T Offshore by 55.0% in the first quarter. JPMorgan Chase & Co. now owns 7,248,683 shares of the oil and gas company’s stock valued at $32,112,000 after acquiring an additional 2,571,558 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of W&T Offshore by 34.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,628,768 shares of the oil and gas company’s stock valued at $16,075,000 after buying an additional 932,107 shares during the last quarter. Prudential Financial Inc. purchased a new position in shares of W&T Offshore during the 1st quarter valued at approximately $5,762,000. Foundry Partners LLC boosted its stake in shares of W&T Offshore by 30.0% during the 2nd quarter. Foundry Partners LLC now owns 936,475 shares of the oil and gas company’s stock valued at $6,696,000 after buying an additional 216,239 shares during the last quarter. Finally, Federated Investors Inc. PA boosted its stake in shares of W&T Offshore by 307.1% during the 1st quarter. Federated Investors Inc. PA now owns 686,009 shares of the oil and gas company’s stock valued at $3,039,000 after buying an additional 517,480 shares during the last quarter. 57.60% of the stock is owned by hedge funds and other institutional investors.
NYSE:WTI opened at $6.80 on Friday. W&T Offshore, Inc. has a 1-year low of $2.15 and a 1-year high of $9.12. The firm has a market capitalization of $953.20 million, a P/E ratio of 12.14 and a beta of 2.65. The company has a debt-to-equity ratio of -1.50, a current ratio of 0.84 and a quick ratio of 0.84.
W&T Offshore (NYSE:WTI) last announced its quarterly earnings results on Wednesday, August 1st. The oil and gas company reported $0.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.10. The business had revenue of $149.60 million during the quarter, compared to analyst estimates of $150.66 million. W&T Offshore had a negative return on equity of 18.00% and a net margin of 16.40%. The firm’s revenue was up 21.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.22 EPS. research analysts expect that W&T Offshore, Inc. will post 0.81 EPS for the current fiscal year.
WTI has been the subject of several research analyst reports. Seaport Global Securities reiterated a “buy” rating on shares of W&T Offshore in a research note on Wednesday, July 25th. Zacks Investment Research raised W&T Offshore from a “hold” rating to a “buy” rating and set a $9.00 price target on the stock in a report on Tuesday, July 17th. Roth Capital initiated coverage on W&T Offshore in a report on Wednesday, May 23rd. They set a “neutral” rating and a $8.75 price target on the stock. KLR Group reissued a “sell” rating and set a $6.25 price target on shares of W&T Offshore in a report on Monday, August 20th. Finally, Capital One Financial lowered W&T Offshore from an “equal weight” rating to an “underweight” rating in a report on Thursday, May 31st. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $8.00.
About W&T Offshore
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.
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