Weatherford International Ltd. (WFT) Short Interest Update
Weatherford International Ltd. (NYSE:WFT) was the recipient of a significant growth in short interest in September. As of September 15th, there was short interest totalling 67,481,724 shares, a growth of 13.6% from the August 31st total of 59,427,464 shares. Based on an average daily volume of 22,363,117 shares, the short-interest ratio is presently 3.0 days. Approximately 7.6% of the company’s stock are short sold.
A number of brokerages recently weighed in on WFT. Nomura restated a “buy” rating and issued a $10.00 price objective on shares of Weatherford International in a report on Friday, June 3rd. Bank of America Corp. began coverage on shares of Weatherford International in a report on Monday, June 13th. They issued an “underperform” rating for the company. Citigroup Inc. dropped their price objective on shares of Weatherford International from $8.00 to $7.00 and set a “buy” rating for the company in a report on Friday, July 29th. Seaport Global Securities reiterated a “buy” rating on shares of Weatherford International in a report on Friday, August 19th. Finally, Zacks Investment Research upgraded shares of Weatherford International from a “sell” rating to a “hold” rating in a report on Wednesday, June 8th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $8.95.
Several large investors have recently made changes to their positions in WFT. Orbis Allan Gray Ltd acquired a new stake in shares of Weatherford International during the first quarter valued at about $130,340,000. State Street Corp increased its stake in shares of Weatherford International by 36.9% in the first quarter. State Street Corp now owns 26,567,174 shares of the company’s stock valued at $206,692,000 after buying an additional 7,166,608 shares during the period. Dodge & Cox increased its stake in shares of Weatherford International by 9.0% in the first quarter. Dodge & Cox now owns 81,021,617 shares of the company’s stock valued at $630,348,000 after buying an additional 6,695,940 shares during the period. Norges Bank acquired a new stake in shares of Weatherford International during the fourth quarter valued at about $49,274,000. Finally, Vanguard Group Inc. increased its stake in shares of Weatherford International by 5.4% in the second quarter. Vanguard Group Inc. now owns 68,298,516 shares of the company’s stock valued at $379,057,000 after buying an additional 3,504,828 shares during the period. Institutional investors own 97.21% of the company’s stock.
Shares of Weatherford International (NYSE:WFT) opened at 5.62 on Friday. The firm’s market capitalization is $5.04 billion. The company has a 50-day moving average of $5.71 and a 200-day moving average of $6.22. Weatherford International has a 52 week low of $4.71 and a 52 week high of $11.49.
Weatherford International (NYSE:WFT) last released its earnings results on Wednesday, July 27th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.02. Weatherford International had a negative return on equity of 13.41% and a negative net margin of 33.73%. The firm had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. The company’s quarterly revenue was down 41.3% on a year-over-year basis. On average, equities analysts forecast that Weatherford International will post $2.45 earnings per share for the current fiscal year.
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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