Weatherford International (NASDAQ:WFRD) Price Target Raised to $93.00 at Citigroup

Weatherford International (NASDAQ:WFRD) had its price objective lifted by analysts at Citigroup from $77.00 to $93.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 14.52% from the stock’s previous close.

Several other analysts have also commented on WFRD. Zacks Research raised shares of Weatherford International from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. The Goldman Sachs Group upped their price objective on shares of Weatherford International from $66.00 to $73.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Piper Sandler upped their price objective on shares of Weatherford International from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, October 23rd. Melius began coverage on shares of Weatherford International in a report on Wednesday, August 20th. They set a “buy” rating and a $108.00 target price for the company. Finally, Barclays upped their target price on Weatherford International from $73.00 to $81.00 and gave the company an “overweight” rating in a report on Friday, October 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $90.20.

Weatherford International Price Performance

NASDAQ:WFRD traded down $0.10 on Thursday, reaching $81.21. 833,511 shares of the company’s stock traded hands, compared to its average volume of 1,158,898. The company has a quick ratio of 1.55, a current ratio of 2.07 and a debt-to-equity ratio of 0.93. Weatherford International has a 12 month low of $36.74 and a 12 month high of $81.96. The stock has a 50-day simple moving average of $70.93 and a 200-day simple moving average of $61.56. The firm has a market cap of $5.83 billion, a PE ratio of 14.71 and a beta of 0.79.

Weatherford International (NASDAQ:WFRD) last posted its earnings results on Tuesday, October 21st. The company reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.03). The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Weatherford International had a net margin of 8.15% and a return on equity of 28.28%. The company’s revenue for the quarter was down 12.6% compared to the same quarter last year. During the same period last year, the business posted $2.06 earnings per share. Equities research analysts forecast that Weatherford International will post 5.89 earnings per share for the current year.

Insider Activity at Weatherford International

In other news, EVP Kristin Ruzicka sold 2,129 shares of the stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $77.25, for a total value of $164,465.25. Following the completion of the transaction, the executive vice president owned 15,673 shares in the company, valued at $1,210,739.25. This trade represents a 11.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.09% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Weatherford International by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 8,050,495 shares of the company’s stock worth $431,104,000 after buying an additional 347,584 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Weatherford International by 6.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 808,128 shares of the company’s stock worth $43,275,000 after buying an additional 51,958 shares in the last quarter. Citigroup Inc. increased its stake in shares of Weatherford International by 96.5% in the first quarter. Citigroup Inc. now owns 133,518 shares of the company’s stock worth $7,150,000 after buying an additional 65,567 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Weatherford International by 122.8% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,117 shares of the company’s stock valued at $435,000 after acquiring an additional 4,474 shares in the last quarter. Finally, Covestor Ltd raised its stake in Weatherford International by 34.3% during the first quarter. Covestor Ltd now owns 1,244 shares of the company’s stock valued at $67,000 after buying an additional 318 shares in the last quarter. 97.23% of the stock is currently owned by hedge funds and other institutional investors.

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.