(24/7 MARKET NEWS) W&T Offshore Inc. (NYSE: WTI) is pulling back slightly, after gapping up on a strong second quarter earnings call. After hitting a high of $5.3421, this morning, it’s had a classic buy-the-dip pullback to $5.12, up $0.52 (+11.30%), on over 1 million shares. If it can hold it’s $5.05 open, it looks like it may try to challenge the $5.60 level. If it can breach the $5.80 level, on strong volume, the resistance battle to the $9 level looks very winnable.
In addition to announcing that it generated a net income of $123.4 million, or $0.85 per share, which is the third best quarterly net income in the Company’s history as a public company, it increased production by 12% quarter-over-quarter.
Tracy W. Krohn, Chairman and CEO, stated, “The Company is well positioned with a solid balance sheet and stable production that will allow us to generate meaningful cash flow for years to come. We are able to evaluate and quickly execute on accretive acquisition opportunities that meet our long-standing and proven criteria. We’ll continue to evaluate opportunities to be more active in our drilling program; however, our near-term focus is on continuing to improve our leverage profile and maintain our financial flexibility. We remain committed to growing shareholder value and are well positioned for future success.”
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