W&T Offshore Inc (NYSE:WTI) Stock Continues to Trend Lower: Fell 12% Last Week
Shares of W&T Offshore Inc (NYSE:WTI) ended sharply lower on Friday and closed with a weekly loss of 12%.
Market Stats
On Friday, WTI stock moved down 5.80% at $3.56 with more than 2.96 million shares, compared to its average volume of 2.90 million shares. The stock has moved within a range of $3.5200 – 3.6800 after opening trading at $3.63.
W&T Offshore Submits Apparent High Bids on 2 Gulf of Mexico Blocks in Lease Sale 257
W&T Offshore, Inc (NYSE:WTI) announced on November 19, 2021 that they were the apparent high bidder on a couple of blocks in the Gulf of Mexico Lease Sale 257 held by the Bureau of Ocean Energy Management. The lease sale was held on November 17, 2021.
The lease sale on two shallow water blocks are, Eugene Island South Addition block 385 and Ship Shoal South Addition block 360. Combined, these blocks cover an area of around 10,000 gross acres. In case they are awarded, the company will shell out approximately $295,000 in total, for the leases combined, which a 100% working interest in the acreage.
Lease terms of the blocks cover a 5-year period, along with a 12.5% royalty. Regardless of submitting the apparent high bid on these leases, the Bureau of Ocean Energy Management has the right not to award the blocks based on their minimum bidding criteria. The final award results are expected to be released in the next 90 days.
W&T is all set to participate in two upcoming investor conferences too. They are – The Bank of America Securities Leveraged Finance Conference 2021, to be held on December 1, 2021 at 9:45 a.m. Eastern Time, and Capital One Securities 16th Annual Energy Conference on December 6, 2021.
Traders Corner
WTI stock is trading below the 20-Day and 50-Day Moving averages of $4.03 and $3.97 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.76. The stock is down 12% in the past month.
