Weatherford International Ltd. (WFT) Debt Trading 1.3% Higher
An issue of Weatherford International Ltd. (NYSE:WFT) bonds rose 1.3% against their face value during trading on Thursday. The high-yield issue of debt has a 6.5% coupon and is set to mature on August 1, 2036. The bonds in the issue are now trading at $76.25. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.
Several analysts recently commented on the company. Citigroup Inc. raised their target price on Weatherford International from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Tuesday. Zacks Investment Research raised Weatherford International from a “hold” rating to a “buy” rating and set a $6.25 target price on the stock in a report on Thursday, October 6th. Seaport Global Securities reaffirmed a “buy” rating on shares of Weatherford International in a report on Friday, August 19th. Nomura set a $10.00 target price on Weatherford International and gave the stock a “buy” rating in a report on Tuesday, August 16th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $7.00 target price (down from $8.00) on shares of Weatherford International in a report on Tuesday, August 2nd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $8.83.
Weatherford International Ltd. (NYSE:WFT) traded down 3.09% during midday trading on Friday, hitting $5.96. The company had a trading volume of 13,646,139 shares. The stock has a 50 day moving average of $5.75 and a 200 day moving average of $6.12. Weatherford International Ltd. has a 52-week low of $4.71 and a 52-week high of $11.49. The firm’s market cap is $5.34 billion.
Weatherford International (NYSE:WFT) last announced its earnings results on Wednesday, July 27th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Weatherford International had a negative return on equity of 13.41% and a negative net margin of 33.73%. Weatherford International’s quarterly revenue was down 41.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($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 stock in a transaction on Friday, October 7th. The stock was sold at an average price of $5.97, for a total transaction of $74,625.00. Following the sale, the vice president now owns 223,933 shares in the company, valued at approximately $1,336,880.01. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.10% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Virginia Retirement System bought a new stake in shares of Weatherford International during the first quarter worth approximately $368,000. Prudential Financial Inc. boosted its stake 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 boosted its stake 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. boosted its stake 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 boosted its stake 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. Hedge funds and other institutional investors own 97.21% of the company’s stock.
Weatherford International Company Profile
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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