Weatherford International plc (WFT) Sees Large Decline in Short Interest

Weatherford International plc (NYSE:WFT) saw a large decrease in short interest during the month of April. As of April 30th, there was short interest totalling 146,833,034 shares, a decrease of 11.8% from the April 13th total of 166,408,339 shares. Based on an average daily trading volume, of 23,206,788 shares, the days-to-cover ratio is currently 6.3 days. Currently, 14.9% of the shares of the company are short sold.

A number of hedge funds and other institutional investors have recently modified their holdings of WFT. Factory Mutual Insurance Co. grew its stake in Weatherford International by 11.6% in the 4th quarter. Factory Mutual Insurance Co. now owns 3,369,700 shares of the oil and gas company’s stock valued at $14,052,000 after acquiring an additional 350,000 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in Weatherford International in the 4th quarter valued at about $216,000. Mizuho Securities USA LLC acquired a new stake in Weatherford International in the 4th quarter valued at about $730,000. Commerzbank Aktiengesellschaft FI grew its stake in Weatherford International by 137.8% in the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 370,535 shares of the oil and gas company’s stock valued at $1,545,000 after acquiring an additional 214,726 shares during the last quarter. Finally, Exane Derivatives grew its stake in Weatherford International by 114.8% in the 4th quarter. Exane Derivatives now owns 946,272 shares of the oil and gas company’s stock valued at $3,935,000 after acquiring an additional 505,681 shares during the last quarter.

A number of equities analysts have commented on the stock. Barclays downgraded shares of Weatherford International from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $6.00 to $3.50 in a research report on Tuesday, February 13th. Seaport Global Securities restated a “buy” rating and set a $6.00 price objective on shares of Weatherford International in a research report on Monday, February 5th. ValuEngine upgraded shares of Weatherford International from a “strong sell” rating to a “sell” rating in a research report on Thursday, May 17th. Loop Capital set a $5.00 price objective on shares of Weatherford International and gave the stock a “buy” rating in a research report on Tuesday, February 6th. Finally, Piper Jaffray Companies downgraded shares of Weatherford International from an “overweight” rating to a “neutral” rating and set a $2.00 price objective for the company. in a research report on Tuesday, April 3rd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the stock. Weatherford International currently has a consensus rating of “Buy” and a consensus price target of $4.73.

Weatherford International opened at $3.48 on Wednesday, Marketbeat reports. The company has a debt-to-equity ratio of -8.51, a quick ratio of 1.14 and a current ratio of 1.73. Weatherford International has a fifty-two week low of $2.07 and a fifty-two week high of $5.48. The firm has a market cap of $3.56 billion, a PE ratio of -3.00 and a beta of 2.29.

Weatherford International (NYSE:WFT) last posted its quarterly earnings results on Tuesday, April 24th. The oil and gas company reported ($0.19) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.04. Weatherford International had a negative net margin of 45.50% and a negative return on equity of 283.53%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same period in the prior year, the company posted ($0.32) EPS. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. equities research analysts expect that Weatherford International will post -0.56 earnings per share for the current fiscal year.

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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