An issue of Weatherford International plc (NYSE:WFT) bonds rose 3.1% as a percentage of their face value during trading on Thursday. The high-yield issue of debt has a 8.25% coupon and will mature on June 15, 2023. The bonds in the issue are now trading at $66.56 and were trading at $62.00 last week. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.
WFT has been the subject of a number of research analyst reports. Raymond James set a $3.00 target price on Weatherford International and gave the stock a “buy” rating in a research report on Tuesday, October 30th. Guggenheim downgraded Weatherford International from a “buy” rating to a “neutral” rating in a research report on Wednesday, October 31st. Morgan Stanley initiated coverage on Weatherford International in a research report on Tuesday, September 18th. They issued an “equal weight” rating and a $4.00 target price for the company. Stifel Nicolaus restated a “hold” rating and issued a $2.50 target price on shares of Weatherford International in a research report on Wednesday, October 31st. Finally, Tudor Pickering upgraded Weatherford International from a “sell” rating to a “buy” rating in a research report on Monday, August 20th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the stock. Weatherford International currently has an average rating of “Hold” and an average target price of $3.50.
Shares of NYSE:WFT opened at $0.57 on Friday. Weatherford International plc has a one year low of $0.56 and a one year high of $4.41.
In related news, Director Angela A. Minas acquired 40,000 shares of the business’s stock in a transaction dated Monday, September 17th. The stock was bought at an average price of $2.45 per share, for a total transaction of $98,000.00. Following the transaction, the director now owns 102,711 shares of the company’s stock, valued at $251,641.95. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.44% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in WFT. Mackenzie Financial Corp lifted its position in shares of Weatherford International by 82.7% during the 3rd quarter. Mackenzie Financial Corp now owns 17,202,004 shares of the oil and gas company’s stock valued at $46,617,000 after acquiring an additional 7,788,965 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Weatherford International during the 3rd quarter valued at $13,946,000. Scopia Capital Management LP raised its stake in Weatherford International by 16.3% during the 3rd quarter. Scopia Capital Management LP now owns 31,019,881 shares of the oil and gas company’s stock valued at $84,064,000 after purchasing an additional 4,340,119 shares during the period. FMR LLC raised its stake in Weatherford International by 37.8% during the 2nd quarter. FMR LLC now owns 12,460,897 shares of the oil and gas company’s stock valued at $40,996,000 after purchasing an additional 3,415,343 shares during the period. Finally, Poplar Forest Capital LLC raised its stake in Weatherford International by 38.7% during the 3rd quarter. Poplar Forest Capital LLC now owns 9,733,959 shares of the oil and gas company’s stock valued at $26,379,000 after purchasing an additional 2,713,638 shares during the period.
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Weatherford International Company Profile (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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