In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), W&T Offshore, Inc. (NYSE:WTI) reported that Franklin Resources Inc. has picked up 32,643,605 of common stock as of 2017-06-09.
The acquisition brings the aggregate amount owned by Franklin Resources Inc. to a total of 32,643,605 representing less than 23.7% stake in the company.
For those not familiar with the company, 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 in the Gulf of Mexico. As of December 31, 2016, the Company had interests in offshore leases covering approximately 750,000 gross acres (450,000 net acres) spanning across the Outer Continental Shelf (OCS) off the coasts of Louisiana, Texas, Mississippi and Alabama. Its producing fields are located in federal and state waters in the Gulf of Mexico in water depths ranging from less than 10 feet up to 7,300 feet. Its fields include Ship Shoal 349 Field (Mahogany), Fairway Field, Viosca Knoll 783 Field (Viosca Knoll 783 (Tahoe) and Viosca Knoll 784 (SE Tahoe)), Mississippi Canyon 782 Field (Dantzler), Mississippi Canyon 698 Field (Big Bend), Mississippi Canyon 243 Field (Matterhorn), Ewing Bank 910, Brazos A-133 Field and Viosca Knoll 823 Field (Virgo).
A glance at W&T Offshore, Inc. (NYSE:WTI)’s key stats reveals a current market capitalization of 289.89 Million based on 137.67 Million shares outstanding and a price at last close of $2.02 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-09-15, Boulet picked up 26,700 at a purchase price of $1.59. This brings their total holding to 126,104 as of the date of the filing.
On the sell side, the most recent transaction saw Gibbons unload 35,000 shares at a sale price of $1.41. This brings their total holding to 189,665.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on W&T Offshore, Inc. (NYSE:WTI) as things move forward to see if its progress aligns with these transactions.
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