Van ECK Associates Corp Has $105 Million Stake in Weatherford International plc (NASDAQ:WFRD)

Van ECK Associates Corp reduced its holdings in Weatherford International plc (NASDAQ:WFRD) by 15.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,073,304 shares of the company’s stock after selling 193,496 shares during the quarter. Van ECK Associates Corp owned about 1.49% of Weatherford International worth $105,001,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Weatherford International by 1,261.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 381,100 shares of the company’s stock valued at $34,425,000 after buying an additional 353,100 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Weatherford International by 101.1% in the third quarter. Acadian Asset Management LLC now owns 656,738 shares of the company’s stock worth $59,309,000 after acquiring an additional 330,133 shares during the last quarter. Principal Financial Group Inc. increased its position in Weatherford International by 1,564.7% during the third quarter. Principal Financial Group Inc. now owns 281,174 shares of the company’s stock worth $25,398,000 after acquiring an additional 264,284 shares during the period. Jennison Associates LLC raised its stake in Weatherford International by 28.0% during the 3rd quarter. Jennison Associates LLC now owns 1,092,771 shares of the company’s stock valued at $98,710,000 after purchasing an additional 238,806 shares during the last quarter. Finally, Wellington Management Group LLP bought a new stake in Weatherford International in the 3rd quarter valued at $20,965,000. 97.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on WFRD shares. Piper Sandler boosted their price objective on Weatherford International from $180.00 to $184.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Evercore ISI increased their price target on shares of Weatherford International from $130.00 to $151.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Benchmark restated a “buy” rating and set a $155.00 price target on shares of Weatherford International in a research note on Wednesday, April 24th. Barclays upped their price objective on Weatherford International from $135.00 to $160.00 and gave the company an “overweight” rating in a research note on Friday. Finally, TheStreet upgraded 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 issued a strong buy rating to the company. Based on data from MarketBeat, Weatherford International has a consensus rating of “Buy” and an average target price of $145.00.

Insider Buying and Selling

In other Weatherford International news, EVP Scott C. Weatherholt sold 40,455 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 125,019 shares of the company’s stock, valued at $12,365,629.29. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Girish Saligram sold 60,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $103.57, for a total value of $6,214,200.00. Following the sale, the chief executive officer now directly owns 146,895 shares in the company, valued at approximately $15,213,915.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott C. Weatherholt sold 40,455 shares of Weatherford International stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $98.91, for a total transaction of $4,001,404.05. Following the transaction, the executive vice president now directly owns 125,019 shares in the company, valued at approximately $12,365,629.29. The disclosure for this sale can be found here. Insiders sold a total of 145,455 shares of company stock valued at $14,863,464 over the last ninety days. Insiders own 2.20% of the company’s stock.

Weatherford International Price Performance

WFRD traded down $3.41 during trading on Tuesday, hitting $125.84. The company’s stock had a trading volume of 225,081 shares, compared to its average volume of 823,613. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 1.48. The stock has a market capitalization of $9.21 billion, a price-to-earnings ratio of 20.91, a price-to-earnings-growth ratio of 0.99 and a beta of 0.73. The firm’s 50 day moving average price is $114.41 and its two-hundred day moving average price is $101.09. Weatherford International plc has a 12 month low of $55.81 and a 12 month high of $129.70.

Weatherford International (NASDAQ:WFRD) last released its earnings results on Tuesday, April 23rd. The company reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. Weatherford International had a return on equity of 52.88% and a net margin of 8.61%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. Sell-side analysts forecast that Weatherford International plc will post 6.93 earnings per share for the current fiscal year.

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.