Weatherford International (NASDAQ:WFRD) Hits New 12-Month Low on Analyst Downgrade

Shares of Weatherford International plc (NASDAQ:WFRD) reached a new 52-week low during trading on Tuesday after Citigroup lowered their price target on the stock from $115.00 to $110.00. Citigroup currently has a buy rating on the stock. Weatherford International traded as low as $76.39 and last traded at $76.77, with a volume of 58640 shares. The stock had previously closed at $77.63.

Other equities research analysts have also issued research reports about the company. Benchmark reaffirmed a “buy” rating and set a $155.00 price objective on shares of Weatherford International in a research note on Thursday, October 24th. Barclays dropped their price target on shares of Weatherford International from $154.00 to $147.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Bank of America reduced their price objective on Weatherford International from $145.00 to $130.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Finally, Evercore ISI cut their price objective on Weatherford International from $149.00 to $142.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $146.57.

Insider Transactions at Weatherford International

In related news, CAO Desmond J. Mills sold 6,531 shares of Weatherford International 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 transaction, the chief accounting officer now directly owns 11,680 shares of the company’s stock, valued at $932,764.80. The trade was a 35.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of WFRD. Susquehanna Fundamental Investments LLC bought a new position in Weatherford International in the 2nd quarter valued at $20,584,000. Cetera Investment Advisers purchased a new stake in Weatherford International during the 1st quarter valued at $2,132,000. Merewether Investment Management LP lifted its stake in Weatherford International by 38.8% in the second quarter. Merewether Investment Management LP now owns 549,803 shares of the company’s stock worth $67,323,000 after acquiring an additional 153,800 shares during the period. Millennium Management LLC grew its holdings in shares of Weatherford International by 33.0% during the 2nd quarter. Millennium Management LLC now owns 631,862 shares of the company’s stock worth $77,372,000 after acquiring an additional 156,756 shares during the period. Finally, Dynamic Technology Lab Private Ltd lifted its position in Weatherford International by 1,138.4% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 32,124 shares of the company’s stock valued at $2,728,000 after acquiring an additional 29,530 shares during the period. Hedge funds and other institutional investors own 97.23% of the company’s stock.

Weatherford International Stock Up 0.0 %

The stock has a 50 day simple moving average of $85.09 and a 200-day simple moving average of $101.45. The firm has a market cap of $5.64 billion, a PE ratio of 10.90, a PEG ratio of 0.65 and a beta of 0.58. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.04 and a quick ratio of 1.49.

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

Weatherford International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Wednesday, November 6th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, November 6th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.29%. Weatherford International’s payout ratio is currently 14.04%.

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.