Weatherford International Plc (WFT) Debt Trading 1.9% Lower

An issue of Weatherford International Plc (NYSE:WFT) debt fell 1.9% as a percentage of its face value during trading on Thursday. The high-yield issue of debt has a 8.25% coupon and is set to mature on June 15, 2023. The bonds in the issue are now trading at $103.75 and were trading at $106.80 last week. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its share price.

Several equities analysts have issued reports on WFT shares. Capital One Financial Corp. raised Weatherford International Plc from an “equal weight” rating to an “overweight” rating and set a $7.00 price target on the stock in a research note on Tuesday, March 7th. Evercore ISI reissued an “outperform” rating and issued a $7.00 price target on shares of Weatherford International Plc in a research note on Tuesday, March 7th. Vetr lowered Weatherford International Plc from a “strong-buy” rating to a “buy” rating and set a $6.78 price target on the stock. in a research note on Friday, March 17th. Deutsche Bank AG reissued a “buy” rating and issued a $7.00 price target (down from $8.00) on shares of Weatherford International Plc in a research note on Tuesday, May 30th. Finally, Stephens reissued an “underweight” rating and issued a $3.75 price target on shares of Weatherford International Plc in a research note on Monday, March 27th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Weatherford International Plc presently has an average rating of “Buy” and a consensus price target of $7.23.

Shares of Weatherford International Plc (NYSE:WFT) traded down 3.90% on Thursday, reaching $4.19. The company’s stock had a trading volume of 30,879,839 shares. The company’s market cap is $4.13 billion. Weatherford International Plc has a 52-week low of $3.73 and a 52-week high of $7.09. The stock has a 50-day moving average of $5.21 and a 200 day moving average of $5.57.

Weatherford International Plc (NYSE:WFT) last posted its earnings results on Friday, April 28th. The oil and gas company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by $0.01. The firm had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.36 billion. Weatherford International Plc had a negative return on equity of 30.56% and a negative net margin of 59.00%. Weatherford International Plc’s quarterly revenue was down 12.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.29) earnings per share. On average, equities research analysts forecast that Weatherford International Plc will post ($0.97) earnings per share for the current year.

In other Weatherford International Plc news, VP Douglas M. Mills sold 17,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $5.19, for a total transaction of $90,825.00. Following the sale, the vice president now directly owns 296,625 shares in the company, valued at $1,539,483.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.10% of the company’s stock.

Large investors have recently modified their holdings of the stock. Dodge & Cox bought a new stake in shares of Weatherford International Plc during the fourth quarter worth about $416,023,000. Van ECK Associates Corp increased its stake in shares of Weatherford International Plc by 269.8% in the fourth quarter. Van ECK Associates Corp now owns 24,846,508 shares of the oil and gas company’s stock worth $123,984,000 after buying an additional 18,128,346 shares during the period. State Street Corp increased its stake in shares of Weatherford International Plc by 33.6% in the fourth quarter. State Street Corp now owns 44,334,964 shares of the oil and gas company’s stock worth $221,220,000 after buying an additional 11,154,362 shares during the period. OppenheimerFunds Inc. bought a new stake in shares of Weatherford International Plc during the first quarter worth about $46,680,000. Finally, Hotchkis & Wiley Capital Management LLC bought a new stake in shares of Weatherford International Plc during the first quarter worth about $45,594,000. Institutional investors and hedge funds own 91.29% of the company’s stock.

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About Weatherford International Plc

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “WFT”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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