Weatherford International (NASDAQ:WFRD) Trading Up 4% – Here’s What Happened

Weatherford International plc (NASDAQ:WFRD)’s share price shot up 4% on Tuesday . The stock traded as high as $72.39 and last traded at $72.25. 167,647 shares traded hands during trading, a decline of 81% from the average session volume of 899,699 shares. The stock had previously closed at $69.47.

Analyst Ratings Changes

Several equities research analysts have weighed in on WFRD shares. Evercore ISI cut their target price on shares of Weatherford International from $149.00 to $142.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Citigroup reduced their target price on Weatherford International from $110.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, December 20th. Bank of America lowered their price target on Weatherford International from $145.00 to $130.00 and set a “buy” rating for the company in a report on Monday, October 14th. Barclays cut their price objective on Weatherford International from $147.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, December 18th. Finally, Piper Sandler initiated coverage on shares of Weatherford International in a report on Thursday, December 19th. They set a “neutral” rating and a $87.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $121.25.

Weatherford International Stock Performance

The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of 10.17, a P/E/G ratio of 0.64 and a beta of 0.58. The stock’s 50 day moving average price is $79.43 and its 200 day moving average price is $96.83. The company has a current ratio of 2.04, a quick ratio of 1.49 and a debt-to-equity ratio of 1.20.

Weatherford International (NASDAQ:WFRD) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $2.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.41. Weatherford International had a return on equity of 46.25% and a net margin of 9.65%. The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period last year, the company earned $1.66 earnings per share. The business’s revenue was up 7.3% compared to the same quarter last year. Analysts expect that Weatherford International plc will post 6.85 earnings per share for the current year.

Weatherford International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Wednesday, November 6th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend was Wednesday, November 6th. Weatherford International’s dividend payout ratio (DPR) is currently 14.04%.

Insider Activity

In other news, CAO Desmond J. Mills sold 6,531 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $79.86, for a total value of $521,565.66. Following the completion of the sale, the chief accounting officer now directly owns 11,680 shares of the company’s stock, valued at $932,764.80. This trade represents a 35.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Weatherford International

A number of large investors have recently added to or reduced their stakes in the business. Retirement Systems of Alabama raised its position in shares of Weatherford International by 94.2% in the third quarter. Retirement Systems of Alabama now owns 175,369 shares of the company’s stock valued at $14,892,000 after purchasing an additional 85,080 shares during the period. Franklin Resources Inc. raised its holdings in Weatherford International by 63.3% in the 3rd quarter. Franklin Resources Inc. now owns 461,790 shares of the company’s stock valued at $43,007,000 after acquiring an additional 179,064 shares during the period. Tidal Investments LLC lifted its position in Weatherford International by 39.3% during the third quarter. Tidal Investments LLC now owns 7,173 shares of the company’s stock worth $609,000 after acquiring an additional 2,022 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Weatherford International during the third quarter worth approximately $571,000. Finally, Vestcor Inc grew its position in shares of Weatherford International by 131.7% in the third quarter. Vestcor Inc now owns 13,763 shares of the company’s stock valued at $1,169,000 after purchasing an additional 7,823 shares during the last quarter. Institutional investors own 97.23% of the company’s stock.

Weatherford International Company Profile

Weatherford International plc, an energy services company, provides equipment and services for the drilling, evaluation, completion, production, and intervention of oil, geothermal, and natural gas wells worldwide. The company operates through three segments: Drilling and Evaluation; Well Construction and Completions; and Production and Intervention.