Weatherford International plc WFT was a big mover last session, as the company saw its shares rise roughly 7% on the day. Shares moved up after the company priced an offering of $1.1 billion of exchangeable senior notes due 2021 with a 5.875% interest rate. This led to solid volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $4.94 to $5.82 since May 5.
This oil field machinery and equipment stock witnessed 17 negative estimate revisions over the past 30 days. The Zacks Consensus Estimate also moved down over the same time frame, signaling trouble down the road. So make sure to keep an eye on this stock going forward to see if yesterday’s move higher lasts.
Weatherford has a Zacks Rank #4 (Sell), while its Earnings ESP is 0.00%.
However, a better-ranked stock in the same space is McDermott International Inc. MDR, sporting a Zacks Rank #1 (Strong Buy).
Is WFT going up? Or down? Predict to see what others think: Up or Down
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment