W&T Offshore (WTI) is Downgraded by Barclays to Underweight, Lowers Price Target to $ 1

W&T Offshore (WTI) was Downgraded by Barclays to ” Underweight” while Lowering the Price Target of the company shares to $ 1 from a previous price target of $2 . Earlier the firm had a rating of “Equal Weight ” on the company shares. Barclays advised their investors in a research report released on Oct 17, 2016.

On the company’s financial health, W&T Offshore reported $-0.47 EPS for the quarter, beating the analyst consensus estimate by $ 0.13 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $-0.60. The company had revenue of $99.66 million for the quarter, compared to analysts expectations of $110.81 million. The company’s revenue was down -33.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.54 EPS.

W&T Offshore closed down -0.03 points or -1.90% at $1.55 with 4,11,897 shares getting traded on Friday. Post opening the session at $1.59, the shares hit an intraday low of $1.55 and an intraday high of $1.62 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Sep 19, 2016, Virginia Boulet (director) purchased 16,700 shares at $1.59 per share price. According to the SEC, on Sep 13, 2016, Tracy W Krohn (CEO) purchased 1,412,660 shares at $0.00 per share price. On Nov 13, 2015, S James Nelson (director) purchased 9,000 shares at $3.70 per share price, according to the Form-4 filing with the securities and exchange commission.

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 primarily in the Gulf of Mexico and the Permian Basin in West Texas. Its onshore activities are primarily in the Permian Basin in West Texas. The Company owns a platform in the Gulf of Mexico located in a National Marine Sanctuary. The offshore fields are found in water depths ranging from less than 10 feet up to 7200 feet. Its properties include Spraberry Field (Yellow Rose) Ship Shoal 349 Field (Mahogany) Fairway Field The Viosca Knoll 783 field Mississippi Canyon 243 Field (Matterhorn) Main Pass 108 Field Mississippi Canyon 782 Field (Dantzler) Viosca Knoll 823 Field (Virgo) East Cameron 321 and Main Pass 283.

W&T Offshore

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