|Bid||0.0000 x 1000|
|Ask||0.0000 x 21500|
|Day's Range||0.3599 - 0.4083|
|52 Week Range||0.0480 - 3.7100|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Goldman Sachs’s credit traders had positioned themselves through a default-swaps wager that would have benefited if Weatherford managed to avoid near-term death, even if its longer-term prospects remained bleak, according to people with knowledge of the matter. The trade is notable for its sudden collapse and is likely to rank among the duds this quarter for the leveraged-finance trading team led by Tom Malafronte. In this case, the desk was selling short-dated credit swaps contracts, expecting Weatherford to avoid default over the next year while purchasing longer-term derivatives that would still benefit from an eventual collapse for the oilfield services provider.
Weatherford's recent announcement that it would file for Chapter 11 bankruptcy protection was a factor in the NYSE moving forward with delisting the company.
Moody's Investors Service ("Moody's") downgraded Weatherford International Ltd.'s (Bermuda) (Weatherford, a Bermuda incorporated entity) Corporate Family Rating (CFR) to Ca from Caa2 and Probability of Default Rating to Ca-PD from Caa2-PD. Moody's also downgraded the senior unsecured notes of both Weatherford and Weatherford International, LLC (Delaware) (Weatherford LLC, incorporated in Delaware) to Ca from Caa3.
Weatherford International's (WFT) first-quarter 2019 loss is wider than expected. The stock is down 60% in the pre-market trading session.
Weatherford bankruptcy news has WFT stock falling on Monday.Source: Via FlickrWeatherford (NYSE:WFT) is planning to restructure its debt through the use of the Chapter 11 bankruptcy. The goal of the Weatherford bankruptcy is to have the company reduce its total debt by $5.80 billion.According to documents filed with the U.S. Securities and Exchange Commission, the Weatherford bankruptcy will have the company canceling existing unsecured notes. These notes will be changed for 99% of the common stock of the reorganized Company and $1.25 billion of new tranche B senior unsecured notes to be issued by the reorganized Company with a seven-year maturity.InvestorPlace - Stock Market News, Stock Advice & Trading TipsAlso part of the Weatherford bankruptcy are plans to cancel existing equity. The company instead exchange this for 1% of the New Common Stock. It will also offer three-year warrants to purchase 10% of the New Common Stock.So why exactly is a Weatherford bankruptcy taking place? That's easy enough. The company has been building up debts over the years that it needs to pay down. Even worse is the fact that it hasn't turned a profit in more than four years. It's hard to reduce debt when the company can't even make money. * 7 Dividend Stocks to Buy as the Trade War Reignites The Weatherford bankruptcy news comes alongside a poor earnings report for the first quarter of 2019. This includes losses per share of 48 cents on revenue of $1.346 billion. Wall Street was looking for losses per share of 13 cents on revenue of $1.348 billion for the period.WFT stock was down 3% as of Monday afternoon. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Dividend Stocks to Buy as the Trade War Reignites * 10 Stocks That Could Squeeze Short Sellers, Including CGC * 5 Tech Stocks Getting Crushed As of this writing, William White did not hold a position in any of the aforementioned securities.Compare Brokers The post Weatherford Bankruptcy: Oil & Gas Company Set to File Chapter 11 appeared first on InvestorPlace.
Markets pared losses to close in the green on Friday after Steven Mnuchin stated that trade talks between the United States and China were constructive.
Oilfield services provider Weatherford International Plc said on Monday it would soon have debtor-in-possession financing that would allow it to file a plan for Chapter 11 bankruptcy and emerge quickly ...
Weatherford has been working to divest assets over the past year or so, and the company recently asked shareholders to approve a reverse stock split in an effort to avoid delisting.
What Happened in the Energy Sector Last Week(Continued from Prior Part)Energy stocksIn the week ending on May 10, oilfield services stock Weatherford International (WFT) fell the most among the stocks in the energy space. The stocks are included in
The company, which at its peak was valued at more than $50 billion (£38.4 billion), never recovered from the 2014 oil price collapse. Efforts under Chief Executive Officer Mark McCollum to quickly sell assets and pare debt struggled. Weatherford expects to reduce its long-term debt by more than $5.8 billion, through the restructuring.
Weatherford International Ltd. shares plunged in the extended session Friday after the oilfield services company said it planned to file for Chapter 11 bankruptcy protection. Weatherford shares dropped 67% after hours, following a 3.8% decline to close the regular session at 37 cents. In a Securities and Exchange Commission filing late Friday, Weatherford said "the market outlook for our company and the energy sector continues to be constrained due to the uncertainty of anticipated activity particularly in North America, including lower spending by many of our customers resulting in lower than expected benefits from our transformation." Because of those uncertainties and tightened access to credit "the company believes that it will not be able to generate sufficient liquidity to service all of its debt and other obligations or comply with its debt covenants at some point within the next twelve months" and that these "conditions raise substantial doubt about our ability to continue as a going concern." In February, Weatherford's stock got a boost following a report of positive cash flow.
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JPMorgan Chase & Co., the agent for the lenders, picked consultants at FTI Consulting Inc. to evaluate Weatherford’s financial condition, performance and strategic plan, according to people with knowledge of the matter. The hiring was disclosed by JPMorgan in a notice, reviewed by Bloomberg, for holders of Weatherford’s first-lien term loan, the people said.
Weatherford International PLC (NYSE: WFT), which has its main U.S. office in Houston, has delayed releasing its first-quarter earnings report, which was supposed to come out May 8. The oil field services company now plans to release the report and file it with the U.S. Securities and Exchange Commission on May 10, but the associated conference call to discuss results will be canceled. Weatherford’s stock fell to 36.5 cents per share on the news the morning of May 8 before settling around 37.6 cents per share, down about 17.6 percent, in late afternoon trading, according to Yahoo Finance.
Investors need to pay close attention to Weatherford International (WFT) stock based on the movements in the options market lately.
Energy Weekly: Will US Crude Oil Hold $60?(Continued from Prior Part)Energy stocksIn the week ending on May 3, oilfield services stock Weatherford International (WFT) fell the most among the stocks in the energy space. The stocks are included in
The Houston-based oilfield services company launches a new intelligent managed pressure drilling (MPD) technology which can be deployed in deepwater, shallow water or on land.
Weatherford (WFT) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Weatherford was notified in December that it was at risk of being delisted from the NYSE because of its low stock price per share.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Weatherford International Ltd. (Bermuda) and other ratings that are associated with the same analytical unit. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement.