Weatherford International (NASDAQ:WFRD) Shares Up 5.2% on Earnings Beat

Weatherford International plc (NASDAQ:WFRD)’s stock price traded up 5.2% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $126.00 and last traded at $124.18. 242,464 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 812,216 shares. The stock had previously closed at $118.09.

The company reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.33 billion. Weatherford International had a net margin of 8.12% and a return on equity of 56.68%. The firm’s revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.97 earnings per share.

Analyst Ratings Changes

WFRD has been the subject of several research analyst reports. Barclays initiated coverage on shares of Weatherford International in a research report on Wednesday, February 28th. They issued an “overweight” rating and a $135.00 price objective for the company. Piper Sandler increased their price objective on shares of Weatherford International from $138.00 to $180.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Benchmark raised their price target on shares of Weatherford International from $115.00 to $155.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Raymond James raised their price target on shares of Weatherford International from $134.00 to $152.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, April 16th. Finally, TheStreet raised shares of Weatherford International from a “c” rating to a “b” rating in a research report on Monday, March 11th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $131.00.

Insider Activity at Weatherford International

In related news, EVP Scott C. Weatherholt sold 40,455 shares of Weatherford International stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $98.91, for a total value of $4,001,404.05. Following the sale, the executive vice president now owns 125,019 shares of the company’s stock, valued at approximately $12,365,629.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Scott C. Weatherholt sold 40,455 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $98.91, for a total value of $4,001,404.05. Following the sale, the executive vice president now directly owns 125,019 shares in the company, valued at approximately $12,365,629.29. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Girish Saligram sold 60,000 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $103.57, for a total transaction of $6,214,200.00. Following the completion of the sale, the chief executive officer now owns 146,895 shares in the company, valued at $15,213,915.15. The disclosure for this sale can be found here. In the last quarter, insiders have sold 135,455 shares of company stock valued at $13,628,764. 2.20% of the stock is owned by company insiders.

Institutional Trading of Weatherford International

Institutional investors and hedge funds have recently bought and sold shares of the stock. McGlone Suttner Wealth Management Inc. purchased a new stake in Weatherford International during the fourth quarter worth about $27,000. Parallel Advisors LLC increased its stake in Weatherford International by 189.0% during the fourth quarter. Parallel Advisors LLC now owns 289 shares of the company’s stock worth $28,000 after purchasing an additional 189 shares during the period. Quadrant Capital Group LLC increased its stake in Weatherford International by 539.1% during the fourth 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 period. Huntington National Bank purchased a new stake in Weatherford International during the third quarter worth about $30,000. Finally, CWM LLC increased its stake in Weatherford International by 145.7% during the fourth quarter. CWM LLC now owns 312 shares of the company’s stock worth $31,000 after purchasing an additional 185 shares during the period. 97.23% of the stock is currently owned by hedge funds and other institutional investors.

Weatherford International Price Performance

The company has a debt-to-equity ratio of 1.86, a current ratio of 1.79 and a quick ratio of 1.37. The company has a market capitalization of $9.07 billion, a PE ratio of 22.19, a price-to-earnings-growth ratio of 0.91 and a beta of 0.73. The stock’s 50 day simple moving average is $112.35 and its 200-day simple moving average is $100.16.

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.