Weatherford International (WFT) Bonds Drop 0.8% During Trading

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An issue of Weatherford International plc (NYSE:WFT) debt fell 0.8% as a percentage of its face value during trading on Thursday. The high-yield issue of debt has a 9.875% coupon and will mature on March 1, 2025. The bonds in the issue are now trading at $93.22 and were trading at $96.50 last week. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.

WFT has been the topic of a number of analyst reports. Credit Suisse Group set a $4.00 price target on Weatherford International and gave the company a “buy” rating in a research note on Thursday, May 24th. BMO Capital Markets set a $4.00 target price on Weatherford International and gave the stock a “buy” rating in a research report on Wednesday, July 11th. Tudor Pickering upgraded Weatherford International from a “sell” rating to a “buy” rating in a research report on Monday, August 20th. ValuEngine upgraded Weatherford International from a “sell” rating to a “hold” rating in a research report on Saturday, June 2nd. Finally, Jefferies Financial Group set a $4.00 target price on Weatherford International and gave the stock a “hold” rating in a research report on Monday, July 30th. Seven investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $4.67.

Shares of WFT traded down $0.08 during midday trading on Thursday, reaching $2.18. 18,273,600 shares of the stock were exchanged, compared to its average volume of 19,841,717. The company has a debt-to-equity ratio of -5.82, a quick ratio of 1.16 and a current ratio of 1.68. Weatherford International plc has a twelve month low of $2.07 and a twelve month high of $4.72. The stock has a market capitalization of $2.41 billion, a P/E ratio of -1.88 and a beta of 2.41.

Weatherford International (NYSE:WFT) last issued its quarterly earnings results on Friday, July 27th. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Weatherford International had a negative return on equity of 283.53% and a negative net margin of 46.44%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.28) EPS. equities research analysts forecast that Weatherford International plc will post -0.56 EPS for the current fiscal year.

In related news, Director William E. Macaulay sold 767,591 shares of the business’s stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $2.86, for a total value of $2,195,310.26. Following the transaction, the director now owns 399,443 shares in the company, valued at approximately $1,142,406.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.44% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Scopia Capital Management LP increased its position in Weatherford International by 51.9% in the 1st quarter. Scopia Capital Management LP now owns 38,831,172 shares of the oil and gas company’s stock valued at $88,923,000 after acquiring an additional 13,261,262 shares during the period. Perella Weinberg Partners Capital Management LP increased its position in Weatherford International by 3.0% in the 2nd 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 acquiring an additional 614,832 shares during the period. OppenheimerFunds Inc. increased its position in Weatherford International by 35.9% in the 1st quarter. OppenheimerFunds Inc. now owns 19,740,680 shares of the oil and gas company’s stock valued at $45,206,000 after acquiring an additional 5,216,093 shares during the period. FMR LLC increased its position in Weatherford International by 37.8% in the 2nd quarter. FMR LLC now owns 12,460,897 shares of the oil and gas company’s stock valued at $40,996,000 after acquiring an additional 3,415,343 shares during the period. Finally, Poplar Forest Capital LLC increased its position in Weatherford International by 0.5% in the 1st quarter. Poplar Forest Capital LLC now owns 7,421,432 shares of the oil and gas company’s stock valued at $16,995,000 after acquiring an additional 36,005 shares during the period.

Weatherford International Company Profile (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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