Weatherford International (WFT) Debt Trading 2.5% Lower

An issue of Weatherford International plc (NYSE:WFT) debt fell 2.5% against its face value during trading on Thursday. The debt issue has a 8.25% coupon and will mature on June 15, 2023. The debt is now trading at $74.00. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.

A number of research firms have recently issued reports on WFT. UBS Group lowered Weatherford International from a “buy” rating to a “neutral” rating and reduced their target price for the company from $5.00 to $2.00 in a report on Wednesday. Piper Jaffray Companies set a $2.00 target price on Weatherford International and gave the company a “hold” rating in a report on Tuesday. Zacks Investment Research lowered Weatherford International from a “hold” rating to a “sell” rating in a report on Sunday, July 15th. Guggenheim lowered Weatherford International from a “buy” rating to a “neutral” rating in a report on Wednesday. Finally, Societe Generale set a $2.00 price target on shares of Weatherford International and gave the stock a “sell” rating in a research note on Tuesday. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $3.78.

Shares of NYSE WFT traded down $0.10 during mid-day trading on Friday, reaching $1.24. The company had a trading volume of 22,627,391 shares, compared to its average volume of 25,899,376. Weatherford International plc has a twelve month low of $1.10 and a twelve month high of $4.41.

Weatherford International (NYSE:WFT) last posted its quarterly earnings results 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. Weatherford International had a negative net margin of 45.58% and a negative return on equity of 283.53%. The business had revenue of $1.44 billion for 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 for the quarter was down 1.1% compared to the same quarter last year. On average, sell-side analysts predict that Weatherford International plc will post -0.57 EPS for the current year.

In other Weatherford International news, Director Angela A. Minas bought 40,000 shares of the stock in a transaction on Monday, September 17th. The shares were purchased at an average cost of $2.45 per share, with a total value of $98,000.00. Following the completion of the transaction, the director now directly owns 102,711 shares of the company’s stock, valued at approximately $251,641.95. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 transaction of $2,195,310.26. Following the transaction, the director now directly owns 399,443 shares in the company, 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 institutional investors have recently bought and sold shares of WFT. FMR LLC increased its position in 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 worth $40,996,000 after buying an additional 3,415,343 shares during the last quarter. Perella Weinberg Partners Capital Management LP increased its position in 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 worth $63,021,000 after buying an additional 1,835,110 shares during the last quarter. Wedge Capital Management L L P NC increased its position in 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 worth $93,460,000 after buying an additional 1,829,806 shares during the last quarter. Sandia Holdings LLC increased its position in Weatherford International by 33.9% during the second quarter. Sandia Holdings LLC now owns 2,728,262 shares of the oil and gas company’s stock worth $8,976,000 after buying an additional 690,954 shares during the last quarter. Finally, Luminus Management LLC acquired a new position in Weatherford International during the second quarter worth $2,139,000.

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.

See Also: Return on Investment (ROI)

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