Weatherford International (NYSE:WFT) Now Covered by Analysts at Bank of America

Bank of America started coverage on shares of Weatherford International (NYSE:WFT) in a report issued on Wednesday, October 17th, MarketBeat reports. The firm issued an underperform rating on the oil and gas company’s stock.

Several other research firms have also issued reports on WFT. Zacks Investment Research lowered shares of Weatherford International from a hold rating to a sell rating in a report on Sunday, July 15th. BMO Capital Markets set a $4.00 price target on shares of Weatherford International and gave the stock a buy rating in a report on Wednesday, July 11th. Piper Jaffray Companies set a $2.00 target price on Weatherford International and gave the stock a hold rating in a research note on Sunday, July 29th. Jefferies Financial Group set a $4.00 price objective on Weatherford International and gave the company a hold rating in a research note on Monday, July 30th. Finally, ValuEngine raised Weatherford International from a sell rating to a hold rating in a research note on Tuesday, August 7th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $3.50.

NYSE WFT traded down $0.08 during trading hours on Wednesday, reaching $1.13. The company’s stock had a trading volume of 43,057,946 shares, compared to its average volume of 26,774,476. The firm has a market cap of $1.32 billion, a PE ratio of -0.97 and a beta of 2.84. Weatherford International has a 52 week low of $1.09 and a 52 week high of $4.41.

Weatherford International (NYSE:WFT) last issued its quarterly earnings data on Monday, October 29th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.03. The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.52 billion. Weatherford International had a negative net margin of 45.58% and a negative return on equity of 283.53%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.22) EPS. Analysts predict that Weatherford International will post -0.57 EPS for the current year.

In other news, Director Angela A. Minas acquired 40,000 shares of the firm’s stock in a transaction on Monday, September 17th. The stock was acquired at an average price of $2.45 per share, for a total transaction of $98,000.00. Following the completion of the acquisition, the director now owns 102,711 shares in the company, valued at $251,641.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William E. Macaulay sold 767,591 shares of the 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 completion of the transaction, the director now owns 399,443 shares of the company’s stock, valued at approximately $1,142,406.98. The disclosure for this sale can be found here. 0.44% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC grew its stake in shares of Weatherford International by 5.6% in the third quarter. Wedge Capital Management L L P NC now owns 34,487,196 shares of the oil and gas company’s stock worth $93,460,000 after acquiring an additional 1,829,806 shares during the last quarter. Perella Weinberg Partners Capital Management LP grew its stake in shares of Weatherford International by 8.6% in the third quarter. Perella Weinberg Partners Capital Management LP now owns 23,255,018 shares of the oil and gas company’s stock worth $63,021,000 after acquiring an additional 1,835,110 shares during the last quarter. FMR LLC grew its stake in shares of Weatherford International by 0.4% in the third quarter. FMR LLC now owns 12,510,630 shares of the oil and gas company’s stock worth $33,903,000 after acquiring an additional 49,733 shares during the last quarter. Poplar Forest Capital LLC grew its stake in shares of Weatherford International by 38.7% in the third quarter. Poplar Forest Capital LLC now owns 9,733,959 shares of the oil and gas company’s stock worth $26,379,000 after acquiring an additional 2,713,638 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted 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 valued at $17,350,000 after buying an additional 634,542 shares during the last quarter.

Weatherford International Company Profile

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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Analyst Recommendations for Weatherford International (NYSE:WFT)

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