Weatherford International PLC (WFT) Good Stock To Hold: Charles Payne

On his daily investor education program on Fox Business, Charles Payne of FBN Capital and his guests Hitha Prabhakar, Penn Financial Group founder, Matt McCall, FBN’s Tracy Byrnes and FOXBusiness.com reporter Kate Rogers shared their views on the prospects of Weatherford International PLC (NYSE:WFT), which is a Dublin based oil and gas services provider with a market cap of $17.13 billion.

Mr. Payne went on to recommend to one of his viewers, to go ahead and book profits on the stock of Weatherford International PLC (NYSE:WFT) at current price point of $22 per share, since the questioner had invested into the stock when it was trading at $15 per share. He then went on to recommend to the investor that, “On a dip, if it goes back, due to a broad market pull back  and if there is no news, I will be back on it.”

The program also highlighted the key developments, which are likely to further add value to the stock of Weatherford International PLC (NYSE:WFT) in the near future. The plans of the oil and gas services provider firm to “sell land drilling and work over operations in Russia and Venezuela to Rosneft” Oil Company for a purported deal size of nearly $500 million in cash was one of the expected positive developments to impact the stock in the near future.

The program participants then went on to provide tips to the viewers with the price exit points at which they can sell their holdings of Weatherford International PLC (NYSE:WFT) in order to book profits without risking the appreciation their stock holding has accumulated till date. The $500 million deal of Weatherford International PLC (NYSE:WFT) is expected to close in the 3QFY14 as per the Fox Business report.

Disclosure: none