Investors Purchase High Volume of Call Options on W&T Offshore (NYSE:WTI)

W&T Offshore, Inc. (NYSE:WTI) was the recipient of some unusual options trading activity on Wednesday. Stock traders purchased 22,959 call options on the company. This represents an increase of approximately 1,404% compared to the typical daily volume of 1,527 call options.

WTI stock traded up $0.30 during trading on Wednesday, hitting $3.54. The company had a trading volume of 275,342 shares, compared to its average volume of 3,143,482. The firm has a market capitalization of $503.98 million, a P/E ratio of -6.94 and a beta of 3.22. The company has a 50 day simple moving average of $3.52 and a 200-day simple moving average of $3.76. W&T Offshore has a 52-week low of $1.35 and a 52-week high of $5.14.

W&T Offshore (NYSE:WTI) last released its quarterly earnings results on Tuesday, August 3rd. The oil and gas company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). The firm had revenue of $132.83 million for the quarter, compared to analyst estimates of $122.04 million. As a group, analysts anticipate that W&T Offshore will post 0.19 earnings per share for the current year.

In related news, Director Virginia Boulet purchased 14,000 shares of W&T Offshore stock in a transaction that occurred on Thursday, August 5th. The shares were bought at an average price of $3.24 per share, for a total transaction of $45,360.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 34.65% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its holdings in W&T Offshore by 47.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 858,516 shares of the oil and gas company’s stock worth $3,082,000 after acquiring an additional 276,794 shares in the last quarter. Deprince Race & Zollo Inc. acquired a new position in shares of W&T Offshore during the 1st quarter valued at about $47,000. Walleye Trading LLC acquired a new position in shares of W&T Offshore during the 1st quarter valued at about $79,000. Russell Investments Group Ltd. lifted its position in W&T Offshore by 136.5% in the first quarter. Russell Investments Group Ltd. now owns 165,536 shares of the oil and gas company’s stock valued at $594,000 after buying an additional 95,536 shares during the last quarter. Finally, Walleye Capital LLC acquired a new position in W&T Offshore in the first quarter valued at about $201,000. 41.75% of the stock is owned by hedge funds and other institutional investors.

WTI has been the subject of a number of research reports. Roth Capital reaffirmed a “buy” rating and set a $5.50 target price (up from $4.50) on shares of W&T Offshore in a report on Monday, July 26th. Zacks Investment Research upgraded shares of W&T Offshore from a “hold” rating to a “strong-buy” rating and set a $4.25 target price for the company in a research report on Tuesday, July 20th.

W&T Offshore Company Profile

W&T Offshore, Inc engages in the production, exploration, development, and acquisition of oil and natural gas properties. It focuses its operations in the Gulf of Mexico. The company was founded by Tracy W. Krohn in 1983 and is headquartered in Houston, TX.

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