Weatherford International (WFT) Bond Prices Fall 1.7%

An issue of Weatherford International (NYSE:WFT) bonds fell 1.7% against their face value during trading on Thursday. The high-yield debt issue has a 9.875% coupon and is set to mature on March 1, 2025. The debt is now trading at $87.06 and was trading at $90.50 one week ago. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.

A number of research firms have recently issued reports on WFT. Jefferies Group raised shares of Weatherford International from an “underperform” rating to a “hold” rating and set a $3.00 price objective on the stock in a research report on Wednesday. Piper Jaffray cut shares of Weatherford International from an “overweight” rating to a “neutral” rating and set a $2.00 price objective on the stock. in a research report on Tuesday. Zacks Investment Research raised shares of Weatherford International from a “sell” rating to a “hold” rating in a research report on Friday, March 2nd. Barclays cut shares of Weatherford International from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $6.00 to $3.50 in a research report on Tuesday, February 13th. Finally, Credit Suisse Group cut their price objective on shares of Weatherford International from $5.50 to $4.50 and set an “outperform” rating on the stock in a research report on Tuesday, February 6th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $5.03.

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Shares of NYSE WFT opened at $2.35 on Friday. Weatherford International has a fifty-two week low of $2.07 and a fifty-two week high of $6.61. The stock has a market capitalization of $2,146.21, a P/E ratio of -2.03 and a beta of 2.34. The company has a current ratio of 1.74, a quick ratio of 1.19 and a debt-to-equity ratio of -13.21.

Weatherford International (NYSE:WFT) last announced its quarterly earnings results on Friday, February 2nd. The oil and gas company reported ($0.33) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.12). Weatherford International had a negative net margin of 49.36% and a negative return on equity of 114.20%. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the business posted ($0.32) EPS. Weatherford International’s revenue was up 6.0% compared to the same quarter last year. sell-side analysts expect that Weatherford International will post -0.61 earnings per share for the current year.

In other Weatherford International news, VP Douglas M. Mills sold 15,223 shares of Weatherford International stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $4.07, for a total transaction of $61,957.61. Following the transaction, the vice president now owns 256,402 shares of the company’s stock, valued at approximately $1,043,556.14. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Douglas M. Mills sold 6,072 shares of Weatherford International stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $4.24, for a total transaction of $25,745.28. Following the transaction, the vice president now directly owns 232,399 shares in the company, valued at approximately $985,371.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 39,226 shares of company stock worth $165,523. 0.44% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its position in shares of Weatherford International by 8.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,310 shares of the oil and gas company’s stock worth $215,000 after buying an additional 4,497 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Weatherford International by 2.0% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 717,700 shares of the oil and gas company’s stock worth $3,301,000 after buying an additional 14,200 shares in the last quarter. Balentine LLC lifted its position in shares of Weatherford International by 68.5% during the 3rd quarter. Balentine LLC now owns 36,706 shares of the oil and gas company’s stock worth $168,000 after buying an additional 14,922 shares in the last quarter. Aperio Group LLC lifted its position in shares of Weatherford International by 10.8% during the 4th quarter. Aperio Group LLC now owns 169,133 shares of the oil and gas company’s stock worth $705,000 after buying an additional 16,437 shares in the last quarter. Finally, Brown Advisory Inc. lifted its position in shares of Weatherford International by 18.8% during the 4th quarter. Brown Advisory Inc. now owns 111,546 shares of the oil and gas company’s stock worth $465,000 after buying an additional 17,662 shares in the last quarter.

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About Weatherford International

Weatherford International Plc provides equipment and services to the oil and natural gas exploration and production industry. It operates its business through the following business groups: Formation Evaluation & Well Construction, Completion & Production and Land Drilling Rigs. The Formation Evaluation & Well Construction business group offers services such as controlled-pressure drilling and testing, drilling, tubular running, drilling tools, integrated drilling, wireline services, re-entry and fishing, cementing, liner systems, integrated laboratory services and surface logging.

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