The company’s mean estimate for sales for the current quarter ending June-16 is 102.64 million by 4 analysts. The means estimate of sales for the year ending Dec-16 is 409.22 million by 4 analysts.
The mean price target for the shares of W&T Offshore, Inc. (NYSE:WTI) is at 2.50 while the highest price target suggested by the analysts is 4.00 and low price target is 1.50. The mean price target is calculated keeping in view the consensus of 8 brokerage firms.
The average estimate of EPS for the current fiscal quarter for W&T Offshore, Inc. (NYSE:WTI) stands at -0.69 while the EPS for the current year is fixed at -2.71 by 6 analysts.
The next one year’s EPS estimate is set at -1.06 by 7 analysts while a year ago the analysts suggested the company’s EPS at -2.71. The analysts also projected the company’s long-term growth at -30.70% for the upcoming five years.
In its latest quarter ended on 31st March 2016, W&T Offshore, Inc. (NYSE:WTI) reported earnings of -$0.95. The posted earnings missed the analyst’s consensus by -$0.05 with the surprise factor of -5.60%. In the matter of earnings surprises, the term “Cockroach Effect” is often implied. Cockroach Effect is a market theory that suggests that when a company reveals bad news to the public, there may be many more related negative events that have yet to be revealed. In the case of earnings surprises, if a company is suggesting a negative earnings surprise it means there are more to come.
On May 4, 2016 W&T Offshore, Inc. (WTI) reported its first quarter 2016 operations and financial results, as well as its 2016 second quarter and full year production and expense guidance. Some of the key items and subsequent events include:
Production for the first quarter of 2016 averaged 43,317 barrels of oil equivalent (“Boe”) per day (3.9 million Boe for the quarter), 57.4% of which was oil and liquids. Oil production increased 0.6% for the first quarter of 2016 compared to the first quarter of 2015; while natural gas production decreased 18.4% and natural gas liquids (NGL) production decreased 19.2% as we continued our focus on oil related projects. Oil production was deferred as our largest oil producing field was offline for three weeks as a result of a scheduled maintenance project on a third-party pipeline that services the platform.
Full year production and expense guidance remains the same.
Revenues for the first quarter of 2016 were $77.7 million, 72.0% of which was from oil and NGLs.
Lease operating expenses (“LOE”) declined 16.6% for the first quarter of 2016 to $44.5 million compared to $53.3 million in the first quarter of 2015 reflecting our focus on expense management. General and administrative expenses decreased 20.8% for the first quarter of 2016 to $16.4 million with reduced headcount, reduced contractor usage and other cost saving measures.
Tracy W. Krohn, W&T Offshore’s Chairman and Chief Executive Officer, stated, “With the continued weakness in commodity prices, we remained focused on prudently managing our cash balance and liquidity position, while minimizing our capital expenditures and judiciously managing our expenses.
“Our oil production remains strong as we benefit from good production rates at Big Bend, Dantzler, Medusa and our Ewing Bank 910 projects that were placed on line within the last year. With no material near-term lease expirations and most of our acreage held by production, we have no new wells currently planned for the remainder of 2016 and will continue to reduce expenses as we focus on returning operating margins to acceptable levels.”
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