Corebridge Financial Inc. Sells 4,321 Shares of Weatherford International plc (NASDAQ:WFRD)

Corebridge Financial Inc. lowered its position in shares of Weatherford International plc (NASDAQ:WFRD) by 4.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 83,033 shares of the company’s stock after selling 4,321 shares during the quarter. Corebridge Financial Inc.’s holdings in Weatherford International were worth $5,948,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. bought a new position in Weatherford International during the 3rd quarter worth $213,000. FMR LLC increased its position in Weatherford International by 36.7% during the third quarter. FMR LLC now owns 3,573,003 shares of the company’s stock worth $303,419,000 after acquiring an additional 959,783 shares during the period. Quantbot Technologies LP acquired a new stake in Weatherford International in the 3rd quarter worth about $1,353,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Weatherford International by 4.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,982 shares of the company’s stock valued at $1,527,000 after purchasing an additional 723 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Weatherford International by 402.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,482 shares of the company’s stock worth $27,555,000 after purchasing an additional 259,924 shares in the last quarter. 97.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WFRD has been the subject of a number of analyst reports. Raymond James dropped their price target on shares of Weatherford International from $107.00 to $97.00 and set a “strong-buy” rating for the company in a research report on Friday, February 7th. The Goldman Sachs Group downgraded Weatherford International from a “buy” rating to a “neutral” rating and cut their target price for the company from $132.00 to $98.00 in a research report on Friday, December 13th. Citigroup decreased their price target on Weatherford International from $110.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, December 20th. Piper Sandler cut their price objective on shares of Weatherford International from $87.00 to $82.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. Finally, Barclays decreased their target price on shares of Weatherford International from $100.00 to $92.00 and set an “overweight” rating on the stock in a report on Thursday, February 13th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Weatherford International presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.63.

Weatherford International Stock Down 2.9 %

Shares of NASDAQ WFRD opened at $53.10 on Friday. The company has a market cap of $3.87 billion, a price-to-earnings ratio of 7.90, a PEG ratio of 1.65 and a beta of 0.61. The company has a current ratio of 2.01, a quick ratio of 1.49 and a debt-to-equity ratio of 1.26. Weatherford International plc has a 12 month low of $51.24 and a 12 month high of $135.00. The stock has a 50-day moving average price of $62.09 and a two-hundred day moving average price of $74.88.

Weatherford International (NASDAQ:WFRD) last released its quarterly earnings data on Wednesday, February 5th. The company reported $1.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.30). Weatherford International had a return on equity of 40.65% and a net margin of 9.18%. As a group, analysts forecast that Weatherford International plc will post 5.89 earnings per share for the current fiscal year.

Weatherford International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Friday, February 21st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend was Friday, February 21st. Weatherford International’s dividend payout ratio (DPR) is 14.88%.

Insider Buying and Selling

In other news, EVP David John Reed sold 4,762 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $72.66, for a total transaction of $346,006.92. Following the sale, the executive vice president now directly owns 11,109 shares in the company, valued at approximately $807,179.94. The trade was a 30.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Scott C. Weatherholt sold 44,505 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $66.17, for a total transaction of $2,944,895.85. Following the completion of the transaction, the executive vice president now owns 125,019 shares of the company’s stock, valued at approximately $8,272,507.23. This trade represents a 26.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 92,692 shares of company stock worth $6,207,725 in the last 90 days. Insiders own 1.60% 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.