Zacks Investment Research cut shares of Weatherford International PLC (NYSE:WFT) from a hold rating to a sell rating in a research note published on Tuesday, October 17th.
According to Zacks, “Weatherford International Ltd.’s price chart underperformed the broader market indices over the last three months. The company’s debt-heavy balance sheet and inadequate cash balances are other concerns. The debt increased by nearly 30% during 2016 with little sign of reduction during the 2017 so far. Further, cash balance plunged by over 43% so far this year. This reflects the weakness of its balance sheet. Moreover, the credit ratings of the company’s bonds were downgraded by multiple credit rating agencies in 2016. Given high debt load and weak credit ratings we think that Weatherford might face difficulties in generating debt capital for financing future growth projects. Volatile gas prices also remain a drag. Under these headwinds, we expect shares of Weatherford to be under pressure in the near future.”
A number of other brokerages have also issued reports on WFT. BMO Capital Markets boosted their price target on shares of Weatherford International PLC from $4.75 to $5.50 and gave the stock an outperform rating in a research note on Thursday, August 3rd. Scotiabank set a $6.00 price target on shares of Weatherford International PLC and gave the stock a hold rating in a research note on Tuesday, August 1st. Cowen and Company set a $8.00 price target on shares of Weatherford International PLC and gave the stock a buy rating in a research note on Friday, October 6th. BidaskClub upgraded shares of Weatherford International PLC from a strong sell rating to a sell rating in a research note on Wednesday, July 19th. Finally, Piper Jaffray Companies set a $6.00 price target on shares of Weatherford International PLC and gave the stock a buy rating in a research note on Saturday, July 29th. Three analysts have rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. Weatherford International PLC currently has an average rating of Buy and an average price target of $6.07.
Weatherford International PLC (NYSE WFT) traded up $0.08 during midday trading on Tuesday, reaching $4.07. 16,610,851 shares of the company’s stock were exchanged, compared to its average volume of 26,308,978. The company has a current ratio of 2.04, a quick ratio of 1.33 and a debt-to-equity ratio of 5.44. Weatherford International PLC has a one year low of $3.16 and a one year high of $7.09.
Weatherford International PLC (NYSE:WFT) last issued its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.02. Weatherford International PLC had a negative net margin of 25.36% and a negative return on equity of 67.44%. The business had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the business posted ($0.39) earnings per share. The business’s revenue was up 7.1% compared to the same quarter last year. equities analysts anticipate that Weatherford International PLC will post -1.02 earnings per share for the current year.
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In related news, VP Douglas M. Mills sold 17,500 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $4.43, for a total transaction of $77,525.00. Following the transaction, the vice president now owns 279,125 shares of the company’s stock, valued at $1,236,523.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.16% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in WFT. Laurion Capital Management LP purchased a new position in shares of Weatherford International PLC during the first quarter valued at approximately $109,000. Two Sigma Securities LLC lifted its stake in shares of Weatherford International PLC by 14.5% during the first quarter. Two Sigma Securities LLC now owns 17,643 shares of the oil and gas company’s stock valued at $117,000 after buying an additional 2,238 shares during the period. Quantitative Systematic Strategies LLC purchased a new position in Weatherford International PLC during the third quarter worth approximately $123,000. GABELLI & Co INVESTMENT ADVISERS INC. raised its stake in Weatherford International PLC by 1.5% during the second quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 33,000 shares of the oil and gas company’s stock worth $128,000 after purchasing an additional 500 shares during the period. Finally, Driehaus Capital Management LLC purchased a new position in Weatherford International PLC during the first quarter worth approximately $129,000.
About Weatherford International PLC
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