Weatherford International PLC (WFT) Debt Trading 2.5% Higher

Weatherford International PLC (WFT) Debt Trading 2.5% Higher

An issue of Weatherford International PLC (NYSE:WFT) debt rose 2.5% against its face value during trading on Friday. The high-yield issue of debt has a 6.5% coupon and is set to mature on August 1, 2036. The bonds in the issue are now trading at $90.97 and were trading at $85.00 one week ago. Price moves in a company’s debt in credit markets often predict parallel moves in its share price.

A number of analysts have weighed in on the company. Jefferies Group LLC cut Weatherford International PLC from a “buy” rating to a “hold” rating and set a $6.00 price objective for the company. in a research report on Friday, January 27th. Deutsche Bank AG reaffirmed a “buy” rating and set a $7.00 price objective on shares of Weatherford International PLC in a research report on Thursday, November 10th. RBC Capital Markets reaffirmed a “buy” rating and set a $8.00 price objective on shares of Weatherford International PLC in a research report on Friday, January 6th. Citigroup Inc. increased their price objective on Weatherford International PLC from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Tuesday, October 11th. Finally, Sanford C. Bernstein assumed coverage on Weatherford International PLC in a research report on Thursday, December 1st. They set an “outperform” rating and a $7.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-three have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $7.90.

Weatherford International PLC (NYSE:WFT) opened at 6.14 on Friday. The stock’s market capitalization is $5.51 billion. Weatherford International PLC has a 52-week low of $3.73 and a 52-week high of $8.49. The firm has a 50-day moving average price of $5.36 and a 200 day moving average price of $5.45.

In other Weatherford International PLC news, VP Douglas M. Mills sold 9,975 shares of the business’s stock in a transaction on Thursday, January 19th. The shares were sold at an average price of $5.35, for a total transaction of $53,366.25. Following the sale, the vice president now directly owns 202,407 shares of the company’s stock, valued at approximately $1,082,877.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Douglas M. Mills sold 6,462 shares of the business’s stock in a transaction on Friday, January 27th. The shares were sold at an average price of $5.30, for a total transaction of $34,248.60. Following the sale, the vice president now directly owns 328,520 shares in the company, valued at $1,741,156. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in WFT. Deprince Race & Zollo Inc. purchased a new stake in shares of Weatherford International PLC during the second quarter valued at about $250,000. Ngam Advisors L.P. increased its stake in shares of Weatherford International PLC by 22.3% in the second quarter. Ngam Advisors L.P. now owns 1,599,575 shares of the company’s stock valued at $8,878,000 after buying an additional 291,163 shares during the period. Roanoke Asset Management Corp NY increased its stake in shares of Weatherford International PLC by 87.6% in the second quarter. Roanoke Asset Management Corp NY now owns 359,752 shares of the company’s stock valued at $1,997,000 after buying an additional 167,948 shares during the period. Monashee Investment Management LLC purchased a new stake in shares of Weatherford International PLC during the second quarter valued at about $444,000. Finally, Exane Asset Management purchased a new stake in shares of Weatherford International PLC during the second quarter valued at about $569,000. 90.62% of the stock is currently owned by institutional investors.

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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