Merewether Investment Management LP Has $67.32 Million Stock Position in Weatherford International plc (NASDAQ:WFRD)

Merewether Investment Management LP lifted its holdings in Weatherford International plc (NASDAQ:WFRD - Free Report) by 38.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 549,803 shares of the company's stock after buying an additional 153,800 shares during the quarter. Weatherford International comprises 3.4% of Merewether Investment Management LP's portfolio, making the stock its 14th biggest holding. Merewether Investment Management LP owned about 0.75% of Weatherford International worth $67,323,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Parallel Advisors LLC boosted its position in Weatherford International by 189.0% in the 4th quarter. Parallel Advisors LLC now owns 289 shares of the company's stock valued at $28,000 after buying an additional 189 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in Weatherford International by 539.1% during the 4th quarter. Quadrant Capital Group LLC now owns 294 shares of the company's stock worth $29,000 after purchasing an additional 248 shares during the last quarter. Transcendent Capital Group LLC acquired a new position in Weatherford International during the 1st quarter valued at about $29,000. Fidelis Capital Partners LLC bought a new position in shares of Weatherford International in the 1st quarter valued at about $33,000. Finally, Rise Advisors LLC bought a new position in shares of Weatherford International in the 1st quarter valued at about $34,000. Institutional investors and hedge funds own 97.23% of the company's stock.

Weatherford International Stock Down 7.8 %

Shares of WFRD traded down $7.34 on Wednesday, hitting $87.12. The company's stock had a trading volume of 1,445,002 shares, compared to its average volume of 884,520. The firm's fifty day moving average price is $105.64 and its 200-day moving average price is $114.51. Weatherford International plc has a fifty-two week low of $82.16 and a fifty-two week high of $135.00. The company has a quick ratio of 1.47, a current ratio of 1.99 and a debt-to-equity ratio of 1.31. The firm has a market capitalization of $6.37 billion, a price-to-earnings ratio of 14.28, a P/E/G ratio of 0.69 and a beta of 0.61.

Weatherford International (NASDAQ:WFRD - Get Free Report) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.66 earnings per share for the quarter, missing the consensus estimate of $1.74 by ($0.08). The company had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.42 billion. Weatherford International had a net margin of 9.19% and a return on equity of 49.69%. The firm's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.12 EPS. On average, equities research analysts expect that Weatherford International plc will post 6.81 EPS for the current year.

Weatherford International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Tuesday, August 13th were issued a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.15%. Weatherford International's dividend payout ratio (DPR) is 16.18%.

Analyst Upgrades and Downgrades

WFRD has been the topic of several analyst reports. Benchmark restated a "buy" rating and issued a $155.00 price objective on shares of Weatherford International in a report on Wednesday, July 24th. Bank of America increased their price target on Weatherford International from $145.00 to $150.00 and gave the company a "buy" rating in a research note on Monday, July 15th. Raymond James decreased their price objective on 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. Citigroup cut their target price on Weatherford International from $155.00 to $130.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, Barclays boosted their target price on Weatherford International from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, July 25th. Seven 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, Weatherford International currently has a consensus rating of "Buy" and an average target price of $150.75.

Insider Activity

In other news, EVP David John Reed sold 6,805 shares of the firm's stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $93.96, for a total transaction of $639,397.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate 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.