Jefferies Group Downgrades Weatherford International (WFT) to Underperform

Weatherford International (NYSE:WFT) was downgraded by equities researchers at Jefferies Group from a “hold” rating to an “underperform” rating in a research note issued on Thursday. They presently have a $3.00 target price on the oil and gas company’s stock. Jefferies Group’s price objective would indicate a potential downside of 22.48% from the stock’s current price.

Several other equities analysts have also commented on the company. BMO Capital Markets reissued a “buy” rating and set a $5.50 price objective on shares of Weatherford International in a research report on Friday, October 13th. Deutsche Bank initiated coverage on Weatherford International in a research report on Tuesday, October 10th. They set a “buy” rating and a $6.00 price objective for the company. Royal Bank of Canada set a $6.00 price objective on Weatherford International and gave the company a “buy” rating in a research report on Sunday, October 8th. Cowen set a $8.00 price objective on Weatherford International and gave the company a “buy” rating in a research report on Friday, October 6th. Finally, Citigroup raised their price objective on Weatherford International from $5.30 to $5.60 and gave the company a “buy” rating in a research report on Thursday, October 5th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $5.94.

Shares of Weatherford International (WFT) opened at $3.87 on Thursday. Weatherford International has a 52 week low of $3.08 and a 52 week high of $7.09. The company has a market capitalization of $3,660.00, a price-to-earnings ratio of -2.71 and a beta of 2.32. The company has a quick ratio of 1.33, a current ratio of 2.04 and a debt-to-equity ratio of 5.44.

Weatherford International (NYSE:WFT) last announced its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.02. Weatherford International had a negative return on equity of 67.44% and a negative net margin of 25.36%. The company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter last year, the firm posted ($0.39) earnings per share. The firm’s revenue was up 7.1% on a year-over-year basis. analysts expect that Weatherford International will post -1.02 EPS for the current fiscal year.

In other news, VP Douglas M. Mills sold 7,500 shares of the firm’s stock in a transaction on Wednesday, December 20th. The stock was sold at an average price of $3.75, for a total transaction of $28,125.00. Following the completion of the transaction, the vice president now directly owns 271,625 shares in the company, valued at $1,018,593.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.16% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the company. Quantitative Systematic Strategies LLC bought a new position in shares of Weatherford International during the third quarter valued at $123,000. Balentine LLC increased its holdings in shares of Weatherford International by 68.5% during the third quarter. Balentine LLC now owns 36,706 shares of the oil and gas company’s stock valued at $168,000 after acquiring an additional 14,922 shares in the last quarter. Private Advisor Group LLC increased its holdings in shares of Weatherford International by 63.2% during the second quarter. Private Advisor Group LLC now owns 39,207 shares of the oil and gas company’s stock valued at $146,000 after acquiring an additional 15,178 shares in the last quarter. Toronto Dominion Bank increased its holdings in shares of Weatherford International by 244.5% during the third quarter. Toronto Dominion Bank now owns 39,550 shares of the oil and gas company’s stock valued at $181,000 after acquiring an additional 28,070 shares in the last quarter. Finally, CIBC World Markets Inc. bought a new position in shares of Weatherford International during the second quarter valued at $161,000.

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