Weatherford International (WFT) Bonds Drop 1% During Trading

An issue of Weatherford International plc (NYSE:WFT) bonds fell 1% against their face value during trading on Friday. The debt issue has a 4.5% coupon and will mature on April 15, 2022. The debt is now trading at $72.00 and was trading at $80.50 last week. Price changes in a company’s bonds in credit markets often predict parallel changes in its stock price.

Several brokerages recently issued reports on WFT. Citigroup cut shares of Weatherford International from a “neutral” rating to a “sell” rating and reduced their price target for the company from $3.50 to $1.00 in a research report on Tuesday, October 30th. Bank of America began coverage on shares of Weatherford International in a research report on Wednesday, October 17th. They set an “underperform” rating on the stock. Societe Generale cut shares of Weatherford International from a “buy” rating to a “sell” rating and set a $2.00 price target on the stock. in a research report on Friday, October 12th. BMO Capital Markets set a $4.00 price target on shares of Weatherford International and gave the company a “buy” rating in a research report on Wednesday, July 11th. Finally, Morgan Stanley began coverage on shares of Weatherford International in a research report on Tuesday, September 18th. They set an “equal weight” rating and a $4.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $3.78.

NYSE:WFT traded down $0.10 during mid-day trading on Friday, hitting $1.24. 22,627,391 shares of the company’s stock were exchanged, compared to its average volume of 25,899,376. Weatherford International plc has a one year low of $1.10 and a one year high of $4.41.

Weatherford International (NYSE:WFT) last posted its quarterly earnings data on Monday, October 29th. The oil and gas company reported ($0.10) EPS for the quarter, topping the 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 analyst estimates of $1.52 billion. During the same quarter in the previous year, the firm posted ($0.22) earnings per share. Weatherford International’s quarterly revenue was down 1.1% on a year-over-year basis. Research analysts anticipate that Weatherford International plc will post -0.57 EPS for the current fiscal year.

In related news, Director William E. Macaulay sold 767,591 shares of the business’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $2.86, for a total transaction of $2,195,310.26. Following the sale, the director now owns 399,443 shares of the company’s stock, valued at $1,142,406.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Angela A. Minas acquired 40,000 shares of the company’s stock in a transaction that occurred on Monday, September 17th. The shares were acquired at an average cost of $2.45 per share, for a total transaction of $98,000.00. Following the purchase, the director now directly owns 102,711 shares of the company’s stock, valued at $251,641.95. The disclosure for this purchase can be found here. Insiders own 0.44% of the company’s stock.

A number of large investors have recently bought and sold shares of WFT. Berkshire Asset Management LLC PA lifted its stake in shares of Weatherford International by 37.2% in the second quarter. Berkshire Asset Management LLC PA now owns 55,612 shares of the oil and gas company’s stock worth $183,000 after buying an additional 15,071 shares in the last quarter. State of Wisconsin Investment Board lifted its stake in shares of Weatherford International by 8.7% in the second quarter. State of Wisconsin Investment Board now owns 227,818 shares of the oil and gas company’s stock worth $750,000 after buying an additional 18,246 shares in the last quarter. Wedbush Securities Inc. lifted its stake in shares of Weatherford International by 51.3% in the second quarter. Wedbush Securities Inc. now owns 59,786 shares of the oil and gas company’s stock worth $197,000 after buying an additional 20,272 shares in the last quarter. Amalgamated Bank lifted its stake in shares of Weatherford International by 12.4% in the second quarter. Amalgamated Bank now owns 188,761 shares of the oil and gas company’s stock worth $621,000 after buying an additional 20,836 shares in the last quarter. Finally, Brave Asset Management Inc. lifted its stake in shares of Weatherford International by 150.0% in the third quarter. Brave Asset Management Inc. now owns 40,000 shares of the oil and gas company’s stock worth $108,000 after buying an additional 24,000 shares in the last quarter.

Weatherford International Company Profile (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.

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