Weatherford International Ltd. (WFT) Bonds Drop 2% During Trading
An issue of Weatherford International Ltd. (NYSE:WFT) debt fell 2% as a percentage of its face value during trading on Monday. The high-yield issue of debt has a 7.75% coupon and will mature on June 15, 2021. The bonds in the issue are now trading at $96.25 and were trading at $98.25 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
WFT has been the subject of several recent research reports. JPMorgan Chase & Co. restated a “buy” rating and issued a $9.00 price target on shares of Weatherford International in a research report on Friday, July 29th. Citigroup Inc. decreased their price objective on shares of Weatherford International from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, July 29th. Jefferies Group reiterated a “buy” rating and set a $7.00 price objective (down from $8.00) on shares of Weatherford International in a research report on Tuesday, August 2nd. Nomura set a $10.00 price objective on shares of Weatherford International and gave the stock a “buy” rating in a research report on Tuesday, August 16th. Finally, Seaport Global Securities reiterated a “buy” rating on shares of Weatherford International in a research report on Friday, August 19th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-two have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $8.27.
Shares of Weatherford International Ltd. (NYSE:WFT) traded down 0.21% during mid-day trading on Monday, hitting $4.82. 32,404,184 shares of the company were exchanged. Weatherford International Ltd. has a 52 week low of $3.73 and a 52 week high of $11.21. The company’s market capitalization is $4.32 billion. The company has a 50 day moving average of $5.32 and a 200 day moving average of $5.63.
Weatherford International (NYSE:WFT) last released its quarterly earnings data on Tuesday, October 25th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by $0.14. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.44 billion. Weatherford International had a negative net margin of 63.74% and a negative return on equity of 24.19%. The firm’s revenue for the quarter was down 39.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.05) earnings per share. Equities analysts anticipate that Weatherford International Ltd. will post ($1.27) earnings per share for the current year.
In other news, VP Douglas M. Mills sold 12,500 shares of Weatherford International 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 sale, the vice president now directly owns 223,933 shares in the company, valued at $1,336,880.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.10% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised 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 worth $379,057,000 after buying an additional 3,504,828 shares in the last quarter. Wedge Capital Management L L P NC raised its stake in shares of Weatherford International by 27.0% in the second quarter. Wedge Capital Management L L P NC now owns 14,783,032 shares of the company’s stock worth $82,046,000 after buying an additional 3,142,666 shares in the last quarter. Teacher Retirement System of Texas raised its stake in shares of Weatherford International by 273.5% in the second quarter. Teacher Retirement System of Texas now owns 4,052,968 shares of the company’s stock worth $22,494,000 after buying an additional 2,967,744 shares in the last quarter. Schroder Investment Management Group bought a new stake in shares of Weatherford International during the second quarter worth approximately $12,677,000. Finally, Renaissance Technologies LLC raised its stake in shares of Weatherford International by 887.8% in the first quarter. Renaissance Technologies LLC now owns 2,431,230 shares of the company’s stock worth $18,915,000 after buying an additional 2,185,100 shares in the last quarter. Hedge funds and other institutional investors own 98.12% of the company’s stock.
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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