Weatherford International plc (NASDAQ:WFRD - Get Free Report) shares gapped up prior to trading on Wednesday following a stronger than expected earnings report. 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 trading hands.
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 net margin of 9.19% and a return on equity of 49.69%. The company had revenue of $1.41 billion during the quarter, compared to analysts' expectations of $1.42 billion. During the same quarter in the previous year, the company earned $1.66 earnings per share. The firm's revenue for the quarter was up 7.3% on a year-over-year basis.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on the stock. Raymond James cut their target price on shares of Weatherford International from $161.00 to $158.00 and set a "strong-buy" rating for the company in a research note on Thursday, July 25th. Bank of America cut their target price on shares of Weatherford International from $145.00 to $130.00 and set a "buy" rating for the company in a research note on Monday, October 14th. 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 research report on Wednesday, September 25th. Benchmark restated a "buy" rating and set a $155.00 price target on shares of Weatherford International in a research report on Wednesday, July 24th. Finally, 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 research report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $146.88.
Check Out Our Latest Report on Weatherford International
Insider Buying and Selling at Weatherford International
In other Weatherford International news, EVP David John Reed sold 6,805 shares of the business's stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $93.96, for a total value of $639,397.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Weatherford International
Several large investors have recently made changes to their positions in WFRD. Boston Partners lifted its holdings in shares of Weatherford International by 19.3% in the 1st quarter. Boston Partners now owns 2,722,281 shares of the company's stock worth $315,240,000 after acquiring an additional 439,700 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in Weatherford International during the 2nd quarter worth approximately $51,287,000. Westwood Holdings Group Inc. increased its stake in Weatherford International by 5,525.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 359,569 shares of the company's stock worth $41,501,000 after buying an additional 353,177 shares during the period. Marshall Wace LLP increased its stake in Weatherford International by 89.0% during the 2nd quarter. Marshall Wace LLP now owns 612,242 shares of the company's stock worth $74,969,000 after buying an additional 288,290 shares during the period. Finally, AGF Management Ltd. purchased a new stake in Weatherford International during the 2nd quarter worth approximately $33,951,000. 97.23% of the stock is currently owned by institutional investors and hedge funds.
Weatherford International Stock Performance
The firm's 50 day moving average is $95.00 and its two-hundred day moving average is $110.60. The stock has a market capitalization of $5.94 billion, a PE ratio of 13.50, a P/E/G ratio of 0.87 and a beta of 0.58. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.47 and a current ratio of 1.99.
About Weatherford International
(
Get Free Report)
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.
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