Weatherford International (WFT) Debt Trading 1% Higher

An issue of Weatherford International plc (NYSE:WFT) debt rose 1% against its face value during trading on Wednesday. The high-yield issue of debt has a 6.75% coupon and will mature on September 15, 2040. The bonds in the issue are now trading at $57.50 and were trading at $64.81 last week. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.

Several brokerages have commented on WFT. Piper Jaffray Companies set a $2.00 target price on shares of Weatherford International and gave the stock a “hold” rating in a report on Sunday, July 29th. Jefferies Financial Group set a $4.00 price target on shares of Weatherford International and gave the stock a “hold” rating in a report on Monday, July 30th. Zacks Investment Research upgraded shares of Weatherford International from a “sell” rating to a “hold” rating in a report on Tuesday, July 24th. ValuEngine upgraded shares of Weatherford International from a “sell” rating to a “hold” rating in a report on Tuesday, August 7th. Finally, Wolfe Research began coverage on shares of Weatherford International in a report on Wednesday, October 10th. They set a “peer perform” rating for the company. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $3.50.

Shares of WFT stock traded down $0.12 during trading on Wednesday, hitting $0.85. 43,616,760 shares of the company were exchanged, compared to its average volume of 20,449,016. The stock has a market cap of $1.02 billion, a P/E ratio of -0.73 and a beta of 2.84. Weatherford International plc has a twelve month low of $0.80 and a twelve month high of $4.41.

Weatherford International (NYSE:WFT) last issued its quarterly earnings data on Monday, October 29th. The oil and gas company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.03. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.52 billion. Weatherford International had a negative net margin of 45.58% and a negative return on equity of 283.53%. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.22) earnings per share. On average, analysts predict that Weatherford International plc will post -0.57 EPS for the current fiscal year.

In related news, Director William E. Macaulay sold 767,591 shares of the firm’s stock in a transaction that occurred on Friday, August 24th. The shares were sold at an average price of $2.86, for a total transaction of $2,195,310.26. Following the transaction, the director now owns 399,443 shares of the company’s stock, valued at $1,142,406.98. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Angela A. Minas acquired 40,000 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The shares were acquired at an average cost of $2.45 per share, for a total transaction of $98,000.00. Following the transaction, the director now owns 102,711 shares of the company’s stock, valued at approximately $251,641.95. The disclosure for this purchase can be found here. 0.44% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of WFT. State of Alaska Department of Revenue raised its position in Weatherford International by 40.0% during the second quarter. State of Alaska Department of Revenue now owns 97,070 shares of the oil and gas company’s stock valued at $319,000 after acquiring an additional 27,750 shares in the last quarter. Berkshire Asset Management LLC PA raised its position in shares of Weatherford International by 37.2% in the second quarter. Berkshire Asset Management LLC PA now owns 55,612 shares of the oil and gas company’s stock valued at $183,000 after purchasing an additional 15,071 shares during the period. Amalgamated Bank raised its position in shares of Weatherford International by 12.4% in the second quarter. Amalgamated Bank now owns 188,761 shares of the oil and gas company’s stock valued at $621,000 after purchasing an additional 20,836 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Weatherford International by 6.0% in the second quarter. Janney Montgomery Scott LLC now owns 778,565 shares of the oil and gas company’s stock valued at $2,561,000 after purchasing an additional 43,741 shares during the period. Finally, Perella Weinberg Partners Capital Management LP raised its position in shares of Weatherford International by 3.0% in the second quarter. Perella Weinberg Partners Capital Management LP now owns 21,419,908 shares of the oil and gas company’s stock valued at $70,471,000 after purchasing an additional 614,832 shares during the period.

COPYRIGHT VIOLATION NOTICE: “Weatherford International (WFT) Debt Trading 1% Higher” was originally posted by WKRB News and is the sole property of of WKRB News. If you are reading this piece of content on another publication, it was stolen and republished in violation of U.S. and international copyright law. The original version of this piece of content can be viewed at https://www.wkrb13.com/2018/11/15/weatherford-international-wft-debt-trading-1-higher.html.

About Weatherford International (NYSE:WFT)

Weatherford International plc operates as a multinational oilfield service company worldwide. It offers equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells. The company operates in two segments, Western Hemisphere and Eastern Hemisphere.

Featured Article: Market Capitalization

Receive News & Ratings for Weatherford International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Weatherford International and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply