Short Interest in Weatherford International plc (WFT) Expands By 17.3%

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Weatherford International plc (NYSE:WFT) saw a significant increase in short interest in October. As of October 31st, there was short interest totalling 121,724,647 shares, an increase of 17.3% from the October 15th total of 103,800,177 shares. Currently, 12.3% of the shares of the company are sold short. Based on an average daily volume of 30,023,567 shares, the days-to-cover ratio is presently 4.1 days.

WFT has been the subject of several recent analyst reports. Credit Suisse Group set a $4.00 price target on Weatherford International and gave the stock a “buy” rating in a research note on Tuesday, October 30th. Raymond James set a $3.00 price objective on Weatherford International and gave the company a “buy” rating in a report on Tuesday, October 30th. Tudor Pickering upgraded Weatherford International from a “sell” rating to a “buy” rating in a report on Monday, August 20th. BMO Capital Markets set a $3.00 price objective on Weatherford International and gave the company a “buy” rating in a report on Tuesday, November 6th. Finally, Morgan Stanley initiated coverage on Weatherford International in a report on Tuesday, September 18th. They issued an “equal weight” rating and a $4.00 price objective for the company. Three 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. The stock currently has a consensus rating of “Hold” and a consensus price target of $3.50.

In other Weatherford International news, Director Angela A. Minas purchased 40,000 shares of the firm’s stock in a transaction dated Monday, September 17th. The stock was bought at an average price of $2.45 per share, with a total value of $98,000.00. Following the completion of the purchase, 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 can be accessed through this link. Also, Director William E. Macaulay sold 767,591 shares of the stock in a transaction on 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 completion of the transaction, the director now directly owns 399,443 shares of the company’s stock, valued at approximately $1,142,406.98. The disclosure for this sale can be found here. Corporate insiders own 0.44% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in WFT. FMR LLC lifted its holdings in shares of Weatherford International by 37.8% during the second quarter. FMR LLC now owns 12,460,897 shares of the oil and gas company’s stock valued at $40,996,000 after purchasing an additional 3,415,343 shares during the last quarter. Poplar Forest Capital LLC lifted its holdings in shares of Weatherford International by 38.7% during the third quarter. Poplar Forest Capital LLC now owns 9,733,959 shares of the oil and gas company’s stock valued at $26,379,000 after purchasing an additional 2,713,638 shares during the last quarter. Perella Weinberg Partners Capital Management LP lifted its holdings in shares of Weatherford International by 8.6% during the third quarter. Perella Weinberg Partners Capital Management LP now owns 23,255,018 shares of the oil and gas company’s stock valued at $63,021,000 after purchasing an additional 1,835,110 shares during the last quarter. Wedge Capital Management L L P NC lifted its holdings in shares of Weatherford International by 5.6% during the third quarter. Wedge Capital Management L L P NC now owns 34,487,196 shares of the oil and gas company’s stock valued at $93,460,000 after purchasing an additional 1,829,806 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. lifted its holdings in shares of Weatherford International by 1,191.7% during the third quarter. Prescott Group Capital Management L.L.C. now owns 1,860,000 shares of the oil and gas company’s stock valued at $5,041,000 after purchasing an additional 1,716,000 shares during the last quarter.

Shares of Weatherford International stock opened at $1.13 on Friday. Weatherford International has a fifty-two week low of $1.09 and a fifty-two week high of $4.41. The firm has a market capitalization of $1.32 billion, a PE ratio of -0.97 and a beta of 2.84.

Weatherford International (NYSE:WFT) last announced its earnings results on Monday, October 29th. The oil and gas company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.03. Weatherford International had a negative return on equity of 283.53% and a negative net margin of 45.58%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the prior year, the business posted ($0.22) earnings per share. Weatherford International’s revenue was down 1.1% compared to the same quarter last year. Analysts forecast that Weatherford International will post -0.57 EPS for the current year.

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Weatherford International Company Profile

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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