Why W&T Offshore Stock Rallied 12.5% at the Open Today
Shares of offshore focused energy producer W&T Offshore (NYSE: WTI) rose as much as 12.5% in early trading on March 4. Although crude oil prices were higher, likely helping to boost the Gulf of Mexico player's stock price, the big news was really earnings.
In the fourth quarter of 2020 W&T Offshore reported an adjusted loss of $0.05 per share, capping off a year in which it posted a loss of $0.16 per share. Revenue for the quarter came in just shy of $95 million, with the full-year tally at roughly $347 million. The company's fourth quarter beat analyst expectations on both the top and bottom lines. Investors tend to like that type of news. That quarter was also an improvement over the third quarter's showing, which was nice to see, as well, as it shows the company is benefiting from the broader oil market upturn.
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Source Fool.com
