W&T Offshore Shares Soar 17.9% On Financial Results (WTI)

Shares of W&T Offshore, Inc.

are currently up 17.9% at $12.69 per share during Tuesday afternoon trading. Today's trading range for shares of W&T Offshore, Inc has been between $11.40 and $12.75 per share. The consensus price target of analysts covering the company's stock is $11.27 per share. Volume of 2.8 million shares is nearly 6 times the daily average volume of 495,000 shares. W&T Offshore, Inc. (

) released financial results early Tuesday morning that easily beat Wall Street estimates. W&T Offshore, Inc reported 3rd quarter adjusted earnings of 43 cents per share, on revenue of $169.6 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 11 cents per share, on revenue of $155.84 million. Chairman and CEO Tracy W. Krohn said, "We had another very good quarter with higher oil production, higher average realized sales prices and much lower lease operating expenses as compared to the last quarter. Our adjusted EPS was $0.43 and exceeded both second quarter this year and last year's third quarter. In addition, we are excited about the results of the Main Pass 108 E-3 well, which we finished drilling shortly after the end of the third quarter." Read more