Weatherford International (WFT) Debt Trading 1.3% Higher

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An issue of Weatherford International plc (NYSE:WFT) debt rose 1.3% as a percentage of its face value during trading on Tuesday. The debt issue has a 7.75% coupon and is set to mature on June 15, 2021. The bonds in the issue are now trading at $83.50 and were trading at $82.00 one week ago. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.

Several analysts have recently commented on WFT shares. Morgan Stanley started coverage on shares of Weatherford International in a report on Tuesday, September 18th. They issued an “equal weight” rating and a $4.00 price objective on the stock. Raymond James set a $3.00 price objective on shares of Weatherford International and gave the company a “buy” rating in a report on Tuesday, October 30th. Tudor Pickering raised shares of Weatherford International from a “sell” rating to a “buy” rating in a report on Monday, August 20th. Stifel Nicolaus assumed coverage on shares of Weatherford International in a report on Monday, September 10th. They set a “hold” rating and a $3.00 price target on the stock. Finally, Societe Generale downgraded shares of Weatherford International from a “buy” rating to a “sell” rating and set a $2.00 price target on the stock. in a report on Friday, October 12th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. Weatherford International has an average rating of “Hold” and an average target price of $3.50.

NYSE WFT traded up $0.05 during mid-day trading on Tuesday, reaching $1.32. 19,111,741 shares of the stock were exchanged, compared to its average volume of 20,220,027. Weatherford International plc has a 1 year low of $1.10 and a 1 year high of $4.41. The company has a market capitalization of $1.24 billion, a PE ratio of -1.14 and a beta of 2.84.

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

In related news, Director Angela A. Minas acquired 40,000 shares of Weatherford International stock in a transaction on Monday, September 17th. The stock was bought at an average cost of $2.45 per share, for a total transaction of $98,000.00. Following the completion of the transaction, the director now owns 102,711 shares of the company’s stock, valued at approximately $251,641.95. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William E. Macaulay sold 767,591 shares of the company’s stock in a transaction on Friday, August 24th. The stock was 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 disclosure for this sale can be found here. Corporate insiders own 0.44% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. 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 buying an additional 15,071 shares during the last quarter. State of Wisconsin Investment Board raised its position in shares of Weatherford International by 8.7% in the second quarter. State of Wisconsin Investment Board now owns 227,818 shares of the oil and gas company’s stock valued at $750,000 after buying an additional 18,246 shares during the last quarter. Wedbush Securities Inc. raised its position in shares of Weatherford International by 51.3% in the second quarter. Wedbush Securities Inc. now owns 59,786 shares of the oil and gas company’s stock valued at $197,000 after buying an additional 20,272 shares during the last quarter. 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 buying an additional 20,836 shares during the last quarter. Finally, Brave Asset Management Inc. raised its position in shares of Weatherford International by 150.0% in the third quarter. Brave Asset Management Inc. now owns 40,000 shares of the oil and gas company’s stock valued at $108,000 after buying an additional 24,000 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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