Weatherford International Ltd. (WFT) Debt Trading 1.6% Higher
An issue of Weatherford International Ltd. (NYSE:WFT) debt rose 1.6% as a percentage of its face value during trading on Tuesday. The debt issue has a 7.75% coupon and is set to mature on June 15, 2021. The bonds in the issue are now trading at $104.06 and were trading at $99.75 last week. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.
WFT has been the subject of several analyst reports. Vetr downgraded Weatherford International from a “strong-buy” rating to a “buy” rating and set a $6.95 price objective for the company. in a research note on Monday, June 27th. Jefferies Group reaffirmed a “buy” rating and issued a $7.00 target price (down from $8.00) on shares of Weatherford International in a report on Tuesday, August 2nd. Zacks Investment Research raised Weatherford International from a “hold” rating to a “buy” rating and set a $6.25 target price for the company in a report on Thursday, October 6th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $9.00 target price on shares of Weatherford International in a report on Friday, July 29th. Finally, Citigroup Inc. upped their target price on Weatherford International from $7.00 to $8.00 and gave the company a “buy” rating in a report on Tuesday, June 14th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $8.83.
Shares of Weatherford International Ltd. (NYSE:WFT) opened at 6.07 on Wednesday. Weatherford International Ltd. has a 52-week low of $4.71 and a 52-week high of $11.49. The stock’s market cap is $5.44 billion. The firm’s 50-day moving average price is $5.71 and its 200-day moving average price is $6.13.
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Weatherford International (NYSE:WFT) last posted its quarterly earnings data on Wednesday, July 27th. The company reported ($0.28) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.02. Weatherford International had a negative net margin of 33.73% and a negative return on equity of 13.41%. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the company posted ($0.10) EPS. The firm’s revenue for the quarter was down 41.3% on a year-over-year basis. Equities analysts predict that Weatherford International Ltd. will post $2.45 EPS for the current year.
In related news, VP Douglas M. Mills sold 12,500 shares of the stock in a transaction dated Friday, October 7th. The shares were sold at an average price of $5.97, for a total value of $74,625.00. Following the sale, the vice president now directly owns 223,933 shares of the company’s stock, valued at approximately $1,336,880.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.10% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of WFT. Virginia Retirement System bought a new position in shares of Weatherford International during the first quarter worth approximately $368,000. Prudential Financial Inc. raised its position in shares of Weatherford International by 366.8% in the first quarter. Prudential Financial Inc. now owns 60,324 shares of the company’s stock worth $469,000 after buying an additional 47,400 shares during the period. BlackRock Fund Advisors raised its position in shares of Weatherford International by 11.3% in the first quarter. BlackRock Fund Advisors now owns 10,695,279 shares of the company’s stock worth $83,209,000 after buying an additional 1,086,830 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of Weatherford International by 12.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 21,262,486 shares of the company’s stock worth $165,422,000 after buying an additional 2,378,901 shares during the period. Finally, BlackRock Japan Co. Ltd raised its position in shares of Weatherford International by 1.5% in the first quarter. BlackRock Japan Co. Ltd now owns 1,101,902 shares of the company’s stock worth $8,573,000 after buying an additional 16,520 shares during the period. 97.21% of the stock is currently owned by institutional investors and hedge funds.
About Weatherford International
Weatherford International Ltd. (Weatherford) is a provider of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. The Company operates four segments: North America, Latin America, Europe/West Africa/the former Soviet Union (FSU) and Middle East/North Africa/Asia.
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