Weatherford International (WFT) Bond Prices Rise 1.4%

An issue of Weatherford International (NYSE:WFT) debt rose 1.4% against its face value during trading on Monday. The high-yield issue of debt has a 5.95% coupon and will mature on April 15, 2042. The bonds in the issue are now trading at $69.50 and were trading at $68.00 last week. Price moves in a company’s debt in credit markets often predict parallel moves in its share price.

A number of research firms have commented on WFT. Susquehanna Bancshares set a $4.00 price target on shares of Weatherford International and gave the company a “buy” rating in a research report on Monday. Jefferies Group lowered shares of Weatherford International from a “buy” rating to a “neutral” rating and reduced their price target for the company from $6.86 to $2.08 in a research report on Tuesday, April 3rd. Piper Jaffray lowered shares of Weatherford International from an “overweight” rating to a “neutral” rating and set a $2.00 price target on the stock. in a research report on Tuesday, April 3rd. Zacks Investment Research lowered shares of Weatherford International from a “hold” rating to a “sell” rating in a research report on Saturday, January 6th. Finally, Credit Suisse Group set a $6.00 target price on shares of Weatherford International and gave the stock a “buy” rating in a research report on Tuesday, January 2nd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $4.97.

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Shares of WFT remained flat at $$2.35 during trading hours on Monday. 12,420,865 shares of the stock traded hands, compared to its average volume of 23,672,045. The company has a market capitalization of $2,335.00, a price-to-earnings ratio of -2.03 and a beta of 2.34. Weatherford International has a 52 week low of $2.07 and a 52 week high of $6.59. The company has a debt-to-equity ratio of -13.21, a current ratio of 1.74 and a quick ratio of 1.19.

Weatherford International (NYSE:WFT) last issued its quarterly earnings data 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 company 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 company earned ($0.32) earnings per share. Weatherford International’s revenue for the quarter was up 6.0% compared to the same quarter last year. sell-side analysts expect that Weatherford International will post -0.62 EPS for the current year.

In related news, VP Douglas M. Mills sold 6,072 shares of the firm’s stock in a transaction dated Monday, January 29th. The shares were 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 of the company’s stock, valued at $985,371.76. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Douglas M. Mills sold 17,931 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $4.34, for a total transaction of $77,820.54. Following the transaction, the vice president now directly owns 238,471 shares in the company, valued at $1,034,964.14. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 39,226 shares of company stock worth $165,523. 0.44% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in WFT. Wedge Capital Management L L P NC increased its holdings in Weatherford International by 13.5% in the 4th quarter. Wedge Capital Management L L P NC now owns 31,579,597 shares of the oil and gas company’s stock valued at $131,687,000 after buying an additional 3,744,073 shares during the period. OppenheimerFunds Inc. increased its holdings in Weatherford International by 53.8% in the 4th quarter. OppenheimerFunds Inc. now owns 14,524,587 shares of the oil and gas company’s stock valued at $60,568,000 after buying an additional 5,083,495 shares during the period. Thrivent Financial For Lutherans increased its holdings in Weatherford International by 7.9% in the 4th quarter. Thrivent Financial For Lutherans now owns 14,341,730 shares of the oil and gas company’s stock valued at $59,805,000 after buying an additional 1,050,981 shares during the period. Geode Capital Management LLC increased its holdings in Weatherford International by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 8,656,567 shares of the oil and gas company’s stock valued at $36,097,000 after buying an additional 128,703 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Weatherford International by 2.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,516,743 shares of the oil and gas company’s stock valued at $20,687,000 after buying an additional 94,485 shares during the period.

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Weatherford International Company Profile

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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