Weatherford International (WFT) Bonds Rise 2.2% During Trading

An issue of Weatherford International plc (NYSE:WFT) bonds rose 2.2% against their face value during trading on Thursday. The high-yield issue of debt has a 7.75% coupon and is set to mature on June 15, 2021. The bonds in the issue are now trading at $84.50 and were trading at $79.75 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.

Several brokerages have weighed in on WFT. 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. Piper Jaffray Companies set a $2.00 price objective on shares of Weatherford International and gave the stock a “hold” rating in a report on Tuesday, October 30th. Jefferies Financial Group set a $1.00 price objective on shares of Weatherford International and gave the stock a “hold” rating in a report on Friday, November 16th. BMO Capital Markets set a $3.00 price objective on shares of Weatherford International and gave the stock a “buy” rating in a report on Tuesday, November 6th. Finally, Societe Generale lowered shares of Weatherford International from a “buy” rating to a “sell” rating and set a $2.00 price objective for the company. in a report on Friday, October 12th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $3.50.

Weatherford International stock opened at $0.53 on Friday. Weatherford International plc has a 1 year low of $0.50 and a 1 year high of $4.41. The stock has a market capitalization of $550.51 million, a PE ratio of -0.46 and a beta of 2.75.

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

In other Weatherford International news, Director Angela A. Minas purchased 40,000 shares of Weatherford International stock in a transaction dated Monday, September 17th. The shares were bought 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 in the company, valued at approximately $251,641.95. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.44% of the company’s stock.

Several institutional investors have recently bought and sold shares of WFT. First Trust Advisors LP bought a new position in shares of Weatherford International in the 2nd quarter worth about $119,000. State of Wisconsin Investment Board lifted its position in shares of Weatherford International by 8.7% in the 2nd quarter. State of Wisconsin Investment Board now owns 227,818 shares of the oil and gas company’s stock worth $750,000 after buying an additional 18,246 shares during the last quarter. Wedbush Securities Inc. lifted its position in shares of Weatherford International by 51.3% in the 2nd quarter. Wedbush Securities Inc. now owns 59,786 shares of the oil and gas company’s stock worth $197,000 after buying an additional 20,272 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Weatherford International by 7.8% in the 2nd quarter. Rhumbline Advisers now owns 881,213 shares of the oil and gas company’s stock worth $2,899,000 after buying an additional 63,780 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Weatherford International by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,245,369 shares of the oil and gas company’s stock worth $13,967,000 after buying an additional 89,037 shares during the last quarter.

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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.

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