Weatherford International Ltd. (WFT) Bonds Rise 1.3% During Trading
An issue of Weatherford International Ltd. (NYSE:WFT) bonds rose 1.3% as a percentage of their face value during trading on Wednesday. The high-yield debt issue has a 6.5% coupon and will mature on August 1, 2036. The debt is now trading at $76.25. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its share price.
Several analysts have commented on WFT shares. Nomura set a $10.00 target price on shares of Weatherford International and gave the company a “buy” rating in a research report on Tuesday, August 16th. Citigroup Inc. reiterated a “buy” rating and set a $8.00 target price on shares of Weatherford International in a research report on Friday, July 15th. JPMorgan Chase & Co. reiterated a “buy” rating and set a $9.00 target price on shares of Weatherford International in a research report on Friday, July 29th. Vetr lowered shares of Weatherford International from a “strong-buy” rating to a “buy” rating and set a $6.95 price target for the company. in a report on Monday, June 27th. Finally, Jefferies Group reissued a “buy” rating and issued a $7.00 price target (down previously from $8.00) on shares of Weatherford International in a report on Tuesday, August 2nd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $8.83.
Shares of Weatherford International Ltd. (NYSE:WFT) opened at 5.97 on Thursday. The firm’s market cap is $5.35 billion. Weatherford International Ltd. has a 12 month low of $4.71 and a 12 month high of $11.49. The firm has a 50-day moving average of $5.72 and a 200-day moving average of $6.13.
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Weatherford International (NYSE:WFT) last posted its earnings results 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. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.44 billion. Weatherford International had a negative net margin of 33.73% and a negative return on equity of 13.41%. Weatherford International’s revenue was down 41.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.10) EPS. On average, analysts anticipate that Weatherford International Ltd. will post $2.45 EPS for the current year.
In other Weatherford International news, VP Douglas M. Mills sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, October 7th. The shares were sold at an average price of $5.97, for a total value of $74,625.00. Following the completion of the transaction, the vice president now 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 SEC, which is available through this link. 1.10% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Virginia Retirement System bought a new position in Weatherford International during the first quarter worth approximately $368,000. Prudential Financial Inc. boosted its position in 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 in the last quarter. BlackRock Fund Advisors boosted its position in 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 in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in 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 in the last quarter. Finally, BlackRock Japan Co. Ltd boosted its position in 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 in the last quarter. 97.21% of the stock is 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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