Weatherford International (NASDAQ:WFRD) Coverage Initiated at Piper Sandler

Piper Sandler initiated coverage on shares of Weatherford International (NASDAQ:WFRD) in a research note issued on Thursday, Marketbeat reports. The firm set a “neutral” rating and a $87.00 price target on the stock. Piper Sandler’s price objective would suggest a potential upside of 29.66% from the company’s previous close.

A number of other research analysts have also commented on WFRD. Barclays decreased their price objective on Weatherford International from $147.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday. Citigroup lowered their price objective on Weatherford International from $115.00 to $110.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Bank of America cut their target price on shares of Weatherford International from $145.00 to $130.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Benchmark reaffirmed a “buy” rating and issued a $155.00 target price on shares of Weatherford International in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group downgraded shares of Weatherford International from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $132.00 to $98.00 in a research note on Friday, December 13th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $121.25.

Weatherford International Stock Performance

Shares of NASDAQ:WFRD opened at $67.10 on Thursday. The business has a fifty day moving average of $81.97 and a 200-day moving average of $98.92. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.49 and a current ratio of 2.04. Weatherford International has a twelve month low of $66.23 and a twelve month high of $135.00. The firm has a market cap of $4.87 billion, a PE ratio of 9.42, a price-to-earnings-growth ratio of 0.64 and a beta of 0.58.

Weatherford International (NASDAQ:WFRD) last announced its earnings results on Tuesday, October 22nd. The company reported $2.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.41. Weatherford International had a net margin of 9.65% and a return on equity of 46.25%. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the previous year, the firm posted $1.66 earnings per share. The company’s revenue was up 7.3% on a year-over-year basis. On average, equities research analysts predict that Weatherford International will post 6.85 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Desmond J. Mills sold 6,531 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $79.86, for a total transaction of $521,565.66. Following the sale, the chief accounting officer now 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 document filed with the SEC, which is available through this hyperlink. 1.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Weatherford International

Several institutional investors and hedge funds have recently modified their holdings of the business. Retirement Systems of Alabama raised its holdings in Weatherford International by 94.2% during the 3rd quarter. Retirement Systems of Alabama now owns 175,369 shares of the company’s stock worth $14,892,000 after buying an additional 85,080 shares during the period. Franklin Resources Inc. lifted its position 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 in the last quarter. Tidal Investments LLC lifted its position in Weatherford International by 39.3% in the 3rd quarter. Tidal Investments LLC now owns 7,173 shares of the company’s stock valued at $609,000 after acquiring an additional 2,022 shares in the last quarter. Virtu Financial LLC bought a new stake in Weatherford International in the 3rd quarter valued at $571,000. Finally, Vestcor Inc boosted its stake in Weatherford International by 131.7% in the 3rd quarter. Vestcor Inc now owns 13,763 shares of the company’s stock worth $1,169,000 after purchasing an additional 7,823 shares during the period. 97.23% of the stock is currently owned by institutional investors and hedge funds.

About Weatherford International

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.