Weatherford International (WFT) Stock Price Down 23.9%

Weatherford International plc (NYSE:WFT) shares dropped 23.9% on Tuesday . The stock traded as low as $1.49 and last traded at $1.17. Approximately 56,369,943 shares changed hands during trading, an increase of 246% from the average daily volume of 16,286,459 shares. The stock had previously closed at $1.54.

WFT has been the topic of several recent research reports. Tudor Pickering upgraded Weatherford International from a “sell” rating to a “buy” rating in a report on Monday, August 20th. BMO Capital Markets set a $4.00 price objective on Weatherford International and gave the company a “buy” rating in a report on Wednesday, July 11th. Raymond James set a $3.00 price objective on Weatherford International and gave the company a “buy” rating in a report on Tuesday. Morgan Stanley started coverage on Weatherford International in a report on Tuesday, September 18th. They issued an “equal weight” rating and a $4.00 price objective on the stock. Finally, ValuEngine upgraded Weatherford International from a “sell” rating to a “hold” rating in a report on Tuesday, August 7th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $4.03.

The company has a market capitalization of $1.97 billion, a P/E ratio of -1.09 and a beta of 2.38.



Weatherford International (NYSE:WFT) last released its quarterly earnings results on Monday, October 29th. The oil and gas company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.03. Weatherford International had a negative return on equity of 283.53% and a negative net margin of 46.44%. The company had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the prior year, the firm earned ($0.22) earnings per share. The firm’s revenue was down 1.1% compared to the same quarter last year. As a group, analysts forecast that Weatherford International plc will post -0.57 earnings per share for the current fiscal year.

In other news, Director Angela A. Minas purchased 40,000 shares of the firm’s stock in a transaction on Monday, September 17th. The shares were bought at an average cost of $2.45 per share, for a total transaction of $98,000.00. Following the completion of the purchase, the director now directly owns 102,711 shares of the company’s stock, valued at $251,641.95. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William E. Macaulay sold 767,591 shares of the company’s stock in a transaction on Friday, August 24th. The stock was sold at an average price of $2.86, for a total value of $2,195,310.26. Following the transaction, the director now owns 399,443 shares in the company, valued at $1,142,406.98. The disclosure for this sale can be found here. 0.44% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in WFT. Perella Weinberg Partners Capital Management LP increased its position in shares of Weatherford International by 3.0% during the second quarter. Perella Weinberg Partners Capital Management LP now owns 21,419,908 shares of the oil and gas company’s stock worth $70,471,000 after acquiring an additional 614,832 shares during the period. FMR LLC increased its position in shares of Weatherford International by 37.8% during the second quarter. FMR LLC now owns 12,460,897 shares of the oil and gas company’s stock worth $40,996,000 after acquiring an additional 3,415,343 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of Weatherford International by 13.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 5,273,299 shares of the oil and gas company’s stock worth $17,350,000 after acquiring an additional 634,542 shares during the period. Northern Trust Corp increased its position in shares of Weatherford International by 4.5% during the second quarter. Northern Trust Corp now owns 5,034,119 shares of the oil and gas company’s stock worth $16,563,000 after acquiring an additional 217,002 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Weatherford International by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 4,245,369 shares of the oil and gas company’s stock worth $13,967,000 after acquiring an additional 89,037 shares during the period.

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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