Weatherford International (NASDAQ:WFRD) Shares Gap Up After Earnings Beat

Weatherford International plc (NASDAQ:WFRD) shares gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $83.97, but opened at $88.32. Weatherford International shares last traded at $84.96, with a volume of 221,001 shares changing hands.

The company reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.41. Weatherford International had a net margin of 9.19% and a return on equity of 49.69%. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the firm posted $1.66 earnings per share. Weatherford International’s revenue was up 7.3% compared to the same quarter last year.

Analyst Upgrades and Downgrades

WFRD has been the topic of several analyst reports. Raymond James lowered their price target on shares of Weatherford International from $161.00 to $158.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 25th. Barclays lowered their price target on shares of Weatherford International from $165.00 to $154.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Citigroup lowered their price target on shares of Weatherford International from $155.00 to $130.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. Bank of America lowered their price target on shares of Weatherford International from $145.00 to $130.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Finally, Benchmark restated a “buy” rating and issued a $155.00 target price on shares of Weatherford International in a research note on Wednesday, July 24th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Weatherford International currently has an average rating of “Buy” and a consensus price target of $146.88.

Insider Buying and Selling at Weatherford International

In other Weatherford International news, EVP David John Reed sold 6,805 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $93.96, for a total transaction of $639,397.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Weatherford International

A number of large investors have recently bought and sold shares of the business. Legacy Wealth Asset Management LLC grew its stake in shares of Weatherford International by 7.3% in the third quarter. Legacy Wealth Asset Management LLC now owns 2,997 shares of the company’s stock valued at $255,000 after buying an additional 203 shares in the last quarter. Net Worth Advisory Group bought a new position in shares of Weatherford International in the third quarter valued at $233,000. nVerses Capital LLC bought a new position in shares of Weatherford International in the third quarter valued at $34,000. Oliver Luxxe Assets LLC grew its stake in shares of Weatherford International by 80.8% in the third quarter. Oliver Luxxe Assets LLC now owns 20,971 shares of the company’s stock valued at $1,781,000 after buying an additional 9,372 shares in the last quarter. Finally, Viking Fund Management LLC bought a new position in shares of Weatherford International in the third quarter valued at $1,783,000. 97.23% of the stock is owned by institutional investors.

Weatherford International Stock Down 3.3 %

The company has a debt-to-equity ratio of 1.31, a current ratio of 1.99 and a quick ratio of 1.47. The firm’s 50 day moving average is $95.00 and its two-hundred day moving average is $110.60. The firm has a market capitalization of $5.94 billion, a P/E ratio of 13.13, a PEG ratio of 0.87 and a beta of 0.58.

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.