Weatherford International PLC (WFT) Sees Large Increase in Short Interest
Weatherford International PLC (NYSE:WFT) was the recipient of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 121,904,568 shares, a growth of 14.0% from the January 13th total of 106,949,298 shares. Based on an average trading volume of 18,673,980 shares, the days-to-cover ratio is presently 6.5 days. Currently, 12.6% of the company’s shares are short sold.
A number of brokerages recently weighed in on WFT. Scotiabank reiterated a “hold” rating and issued a $6.00 target price on shares of Weatherford International PLC in a report on Monday, February 6th. Barclays PLC reiterated an “equal weight” rating and issued a $7.00 target price (down previously from $8.00) on shares of Weatherford International PLC in a report on Monday, January 9th. RBC Capital Markets reiterated a “buy” rating and issued a $8.00 target price on shares of Weatherford International PLC in a report on Friday, January 6th. Loop Capital upgraded Weatherford International PLC from a “hold” rating to a “buy” rating and lifted their target price for the company from $7.00 to $8.00 in a report on Friday, February 3rd. Finally, Howard Weil reduced their target price on Weatherford International PLC from $8.00 to $7.00 and set a “sector perform” rating on the stock in a report on Thursday, October 27th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and twenty-three have issued a buy rating to the stock. Weatherford International PLC currently has an average rating of “Buy” and an average price target of $7.87.
Shares of Weatherford International PLC (NYSE:WFT) opened at 5.96 on Friday. The company has a 50-day moving average price of $5.59 and a 200 day moving average price of $5.46. Weatherford International PLC has a one year low of $3.73 and a one year high of $8.49. The company’s market capitalization is $5.35 billion.
In related news, VP Douglas M. Mills sold 9,975 shares of Weatherford International PLC stock in a transaction on Thursday, January 19th. The stock was sold at an average price of $5.35, for a total value of $53,366.25. Following the transaction, the vice president now owns 202,407 shares in the company, valued at $1,082,877.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Douglas M. Mills sold 6,462 shares of Weatherford International PLC stock in a transaction on Friday, January 27th. The shares were sold at an average price of $5.30, for a total value of $34,248.60. Following the completion of the transaction, the vice president now owns 328,520 shares in the company, valued at approximately $1,741,156. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of the company. State Street Corp increased its position in Weatherford International PLC by 33.6% in the fourth quarter. State Street Corp now owns 44,334,964 shares of the company’s stock worth $221,220,000 after buying an additional 11,154,362 shares during the period. Van ECK Associates Corp increased its position in Weatherford International PLC by 269.8% in the fourth quarter. Van ECK Associates Corp now owns 24,846,508 shares of the company’s stock worth $123,984,000 after buying an additional 18,128,346 shares during the period. Wedge Capital Management L L P NC increased its position in Weatherford International PLC 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 during the period. Teachers Advisors LLC increased its position in Weatherford International PLC by 4.5% in the third quarter. Teachers Advisors LLC now owns 7,201,530 shares of the company’s stock worth $40,473,000 after buying an additional 310,851 shares during the period. Finally, Schneider Capital Management Corp increased its position in Weatherford International PLC by 41.6% in the second quarter. Schneider Capital Management Corp now owns 6,076,178 shares of the company’s stock worth $33,723,000 after buying an additional 1,786,355 shares during the period. 91.29% of the stock is currently owned by institutional investors and hedge funds.
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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.
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