Weatherford International (WFT) Bonds Rise 2.2% During Trading
An issue of Weatherford International plc (NYSE:WFT) bonds rose 2.2% as a percentage of their face value during trading on Thursday. The high-yield issue of debt has a 7.75% coupon and is set to mature on June 15, 2021. The debt is now trading at $84.50 and was trading at $79.75 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its stock price.
WFT has been the topic of several recent research reports. Raymond James downgraded Weatherford International from an “outperform” rating to a “market perform” rating in a report on Friday, November 16th. Bank of America initiated coverage on Weatherford International in a report on Wednesday, October 17th. They set an “underperform” rating on the stock. Citigroup downgraded Weatherford International from a “neutral” rating to a “sell” rating and cut their price objective for the company from $3.50 to $1.00 in a report on Tuesday, October 30th. Jefferies Financial Group set a $1.00 price objective on Weatherford International and gave the company a “hold” rating in a report on Friday, November 16th. Finally, Societe Generale set a $2.00 price objective on Weatherford International and gave the company a “sell” rating in a report on Tuesday, October 30th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $3.50.
NYSE:WFT traded down $0.01 during trading hours on Friday, hitting $0.52. 34,303,529 shares of the company were exchanged, compared to its average volume of 27,949,398. The firm has a market cap of $530.49 million, a P/E ratio of -0.45 and a beta of 2.75. Weatherford International plc has a one year low of $0.50 and a one year high of $4.41.
In related news, Director Angela A. Minas bought 40,000 shares of the stock in a transaction that occurred on Monday, September 17th. The stock was acquired at an average cost of $2.45 per share, with a total value of $98,000.00. Following the transaction, the director now directly owns 102,711 shares in the company, valued at $251,641.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.44% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the stock. Brave Asset Management Inc. raised its position in Weatherford International by 150.0% during the 3rd quarter. Brave Asset Management Inc. now owns 40,000 shares of the oil and gas company’s stock worth $108,000 after purchasing an additional 24,000 shares during the last quarter. First Trust Advisors LP bought a new position in shares of Weatherford International in the 2nd quarter worth about $119,000. GSA Capital Partners LLP bought a new position in shares of Weatherford International in the 2nd quarter worth about $158,000. Private Advisor Group LLC raised its position in shares of Weatherford International by 295.3% in the 3rd quarter. Private Advisor Group LLC now owns 64,049 shares of the oil and gas company’s stock worth $174,000 after acquiring an additional 47,848 shares in the last quarter. Finally, Wedbush Securities Inc. raised its position in shares of Weatherford International by 51.3% in the 2nd quarter. Wedbush Securities Inc. now owns 59,786 shares of the oil and gas company’s stock worth $197,000 after acquiring an additional 20,272 shares in the last quarter.
About Weatherford International (NYSE:WFT)
Weatherford International plc operates as a multinational oilfield service company worldwide. It offers equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells. The company operates in two segments, Western Hemisphere and Eastern Hemisphere.
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