Weatherford International PLC (WFT) Bonds Rise 0.8% During Trading

An issue of Weatherford International PLC (NYSE:WFT) bonds rose 0.8% as a percentage of their face value during trading on Tuesday. The high-yield debt issue has a 8.25% coupon and is set to mature on June 15, 2023. The bonds in the issue are now trading at $101.00 and were trading at $98.44 last week. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its stock price.

Several equities research analysts have weighed in on WFT shares. BMO Capital Markets boosted their price objective on Weatherford International PLC from $4.75 to $5.50 and gave the stock an “outperform” rating in a research note on Thursday, August 3rd. Scotiabank set a $6.00 target price on Weatherford International PLC and gave the company a “hold” rating in a research note on Friday, July 7th. Zacks Investment Research raised Weatherford International PLC from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Deutsche Bank AG reaffirmed a “buy” rating and set a $7.00 target price (down previously from $8.00) on shares of Weatherford International PLC in a research note on Tuesday, May 30th. Finally, BidaskClub raised Weatherford International PLC from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 19th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Weatherford International PLC currently has an average rating of “Buy” and an average price target of $6.39.

Shares of Weatherford International PLC (NYSE:WFT) traded up 5.01% during midday trading on Tuesday, reaching $4.19. The company’s stock had a trading volume of 13,999,708 shares. The company has a 50 day moving average of $4.09 and a 200-day moving average of $4.93. The stock’s market capitalization is $4.14 billion. Weatherford International PLC has a 52 week low of $3.39 and a 52 week high of $7.09.

Weatherford International PLC (NYSE:WFT) last posted its quarterly earnings data on Friday, July 28th. The oil and gas company reported ($0.28) EPS for the quarter, meeting analysts’ consensus estimates of ($0.28). The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.46 billion. Weatherford International PLC had a negative net margin of 53.49% and a negative return on equity of 65.33%. Weatherford International PLC’s quarterly revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.28) earnings per share. Equities research analysts predict that Weatherford International PLC will post ($1.03) earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. DekaBank Deutsche Girozentrale increased its stake in Weatherford International PLC by 58.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 101,807 shares of the oil and gas company’s stock valued at $693,000 after purchasing an additional 37,643 shares during the period. Teachers Advisors LLC increased its stake in Weatherford International PLC by 15.9% in the first quarter. Teachers Advisors LLC now owns 10,031,765 shares of the oil and gas company’s stock valued at $66,711,000 after purchasing an additional 1,372,563 shares during the period. Cipher Capital LP acquired a new position in Weatherford International PLC in the first quarter valued at $1,310,000. Omega Advisors Inc. acquired a new position in Weatherford International PLC in the first quarter valued at $2,660,000. Finally, Pinnacle Associates Ltd. increased its stake in Weatherford International PLC by 6.6% in the second quarter. Pinnacle Associates Ltd. now owns 400,870 shares of the oil and gas company’s stock valued at $1,551,000 after purchasing an additional 24,920 shares during the period.

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Weatherford International PLC 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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