An issue of Weatherford International (NYSE:WFT) bonds rose 2% against their face value during trading on Wednesday. The high-yield issue of debt has a 9.875% coupon and is set to mature on February 15, 2024. The bonds in the issue are now trading at $97.00 and were trading at $92.50 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.
A number of brokerages have recently commented on WFT. BMO Capital Markets reissued a “hold” rating on shares of Weatherford International in a report on Thursday, January 25th. Bank of America raised Weatherford International from an “underperform” rating to a “neutral” rating and set a $5.00 price target on the stock in a report on Tuesday, January 16th. Zacks Investment Research raised Weatherford International from a “sell” rating to a “hold” rating in a report on Saturday, January 13th. Gabelli reissued a “buy” rating on shares of Weatherford International in a report on Tuesday, January 2nd. Finally, ValuEngine lowered Weatherford International from a “sell” rating to a “strong sell” rating in a report on Friday, February 2nd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $4.73.
WFT stock traded down $0.06 during trading hours on Friday, hitting $2.57. 13,263,707 shares of the stock traded hands, compared to its average volume of 23,403,895. Weatherford International has a one year low of $2.07 and a one year high of $6.09. The stock has a market capitalization of $2,652.95, a P/E ratio of -2.22 and a beta of 2.34. The company has a quick ratio of 1.19, a current ratio of 1.74 and a debt-to-equity ratio of -13.21.
Weatherford International (NYSE:WFT) last released its quarterly earnings results on Friday, February 2nd. The oil and gas company reported ($0.33) earnings per share for the quarter, missing the Zacks’ 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 analyst estimates of $1.50 billion. During the same quarter last year, the business earned ($0.32) EPS. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. sell-side analysts anticipate that Weatherford International will post -0.66 earnings per share for the current year.
In related news, VP Douglas M. Mills sold 6,072 shares of the stock in a transaction on Monday, January 29th. The stock was sold at an average price of $4.24, for a total value of $25,745.28. Following the completion of the transaction, the vice president now owns 232,399 shares in the company, valued at approximately $985,371.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Douglas M. Mills sold 17,931 shares of the stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $4.34, for a total value of $77,820.54. Following the completion of the transaction, the vice president now owns 238,471 shares of the company’s stock, valued at approximately $1,034,964.14. The disclosure for this sale can be found here. Company insiders own 0.44% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Kazazian Asset Management LLC acquired a new position in shares of Weatherford International in the 4th quarter valued at $389,000. Verition Fund Management LLC acquired a new position in shares of Weatherford International in the 4th quarter valued at $510,000. Luminus Management LLC acquired a new position in shares of Weatherford International in the 4th quarter valued at $1,126,000. Two Sigma Securities LLC boosted its position in shares of Weatherford International by 989.0% in the 4th quarter. Two Sigma Securities LLC now owns 139,375 shares of the oil and gas company’s stock valued at $581,000 after purchasing an additional 126,577 shares during the period. Finally, Sapience Investments LLC boosted its position in Weatherford International by 610.2% during the 4th quarter. Sapience Investments LLC now owns 2,985,660 shares of the oil and gas company’s stock worth $12,450,000 after acquiring an additional 2,565,240 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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