Weatherford International (NASDAQ:WFRD) Shares Down 3% on Analyst Downgrade

Shares of Weatherford International plc (NASDAQ:WFRD - Get Free Report) were down 3% during mid-day trading on Friday after Citigroup lowered their price target on the stock from $110.00 to $95.00. Citigroup currently has a buy rating on the stock. Weatherford International traded as low as $66.23 and last traded at $66.49. Approximately 669,107 shares changed hands during trading, a decline of 26% from the average daily volume of 899,928 shares. The stock had previously closed at $68.56.

A number of other research analysts have also issued reports on WFRD. The Goldman Sachs Group lowered shares of Weatherford International from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $132.00 to $98.00 in a research report on Friday, December 13th. Piper Sandler began coverage on Weatherford International in a research note on Thursday. They set a "neutral" rating and a $87.00 price objective on the stock. Barclays cut their target price on Weatherford International from $147.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday. Evercore ISI reduced their price objective on shares of Weatherford International from $149.00 to $142.00 and set an "outperform" rating on the stock in a research note on Thursday, October 24th. Finally, Benchmark reaffirmed a "buy" rating and set a $155.00 price target on shares of Weatherford International in a report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $121.25.

Insider Activity

In other Weatherford International news, CAO Desmond J. Mills sold 6,531 shares of the company's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $79.86, for a total value of $521,565.66. Following the completion of the transaction, the chief accounting officer now owns 11,680 shares of the company's stock, valued at $932,764.80. This represents a 35.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Weatherford International

Hedge funds and other institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its position in Weatherford International by 364.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 358 shares of the company's stock worth $30,000 after buying an additional 281 shares during the period. nVerses Capital LLC acquired a new position in shares of Weatherford International during the third quarter worth $34,000. Millburn Ridgefield Corp bought a new stake in shares of Weatherford International in the third quarter worth $42,000. Fifth Third Bancorp increased its holdings in Weatherford International by 31.0% in the second quarter. Fifth Third Bancorp now owns 359 shares of the company's stock valued at $44,000 after purchasing an additional 85 shares during the period. Finally, GAMMA Investing LLC raised its position in Weatherford International by 36.9% during the 3rd quarter. GAMMA Investing LLC now owns 523 shares of the company's stock worth $44,000 after purchasing an additional 141 shares during the last quarter. 97.23% of the stock is currently owned by institutional investors.

Weatherford International Price Performance

The company has a fifty day simple moving average of $81.97 and a 200 day simple moving average of $98.92. The stock has a market capitalization of $4.87 billion, a price-to-earnings ratio of 9.42, a P/E/G ratio of 0.64 and a beta of 0.58. 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 (NASDAQ:WFRD - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The company reported $2.06 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $1.42 billion. During the same period in the prior year, the firm posted $1.66 EPS. The company's quarterly revenue was up 7.3% on a year-over-year basis. Equities research analysts forecast that Weatherford International plc will post 6.85 EPS for the current fiscal year.

Weatherford International Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Wednesday, November 6th were paid a dividend of $0.25 per share. The ex-dividend date was Wednesday, November 6th. This represents a $1.00 annualized dividend and a yield of 1.49%. Weatherford International's dividend 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.