Weatherford International (NASDAQ:WFRD) Announces Earnings Results, Beats Estimates By $0.49 EPS

Weatherford International (NASDAQ:WFRD) announced its quarterly earnings data on Tuesday. The company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.49, FiscalAI reports. The firm had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.26 billion. Weatherford International had a return on equity of 28.28% and a net margin of 8.15%.Weatherford International’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.50 earnings per share.

Weatherford International Stock Performance

Shares of NASDAQ WFRD opened at $95.99 on Wednesday. Weatherford International has a 1 year low of $36.74 and a 1 year high of $96.16. The firm has a market cap of $6.89 billion, a P/E ratio of 17.39 and a beta of 0.79. The stock has a fifty day moving average price of $82.71 and a two-hundred day moving average price of $70.88. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.55 and a current ratio of 2.07.

Weatherford International Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 6th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.1%. This is a positive change from Weatherford International’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, February 6th. Weatherford International’s payout ratio is currently 18.12%.

Insider Activity at Weatherford International

In other news, EVP Kristin Ruzicka sold 2,129 shares of Weatherford International stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $77.25, for a total value of $164,465.25. Following the transaction, the executive vice president owned 15,673 shares of the company’s stock, valued at $1,210,739.25. The trade was a 11.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Weatherford International

Large investors have recently added to or reduced their stakes in the business. Treasurer of the State of North Carolina boosted its position in shares of Weatherford International by 0.7% in the second quarter. Treasurer of the State of North Carolina now owns 33,245 shares of the company’s stock worth $1,673,000 after buying an additional 225 shares during the period. Smartleaf Asset Management LLC boosted its position in Weatherford International by 69.8% during the 2nd quarter. Smartleaf Asset Management LLC now owns 584 shares of the company’s stock worth $29,000 after acquiring an additional 240 shares during the period. EverSource Wealth Advisors LLC boosted its position in Weatherford International by 83.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 556 shares of the company’s stock worth $28,000 after acquiring an additional 253 shares during the period. Natixis Advisors LLC grew its stake in Weatherford International by 1.8% during the 3rd quarter. Natixis Advisors LLC now owns 15,227 shares of the company’s stock valued at $1,042,000 after acquiring an additional 264 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in shares of Weatherford International by 2.1% in the 3rd quarter. Quadrant Capital Group LLC now owns 13,180 shares of the company’s stock valued at $902,000 after purchasing an additional 272 shares during the period. 97.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

WFRD has been the subject of several recent research reports. Piper Sandler boosted their target price on shares of Weatherford International from $80.00 to $95.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. BMO Capital Markets initiated coverage on Weatherford International in a research note on Friday, October 10th. They issued an “outperform” rating and a $82.00 target price on the stock. Citigroup boosted their price target on shares of Weatherford International from $77.00 to $93.00 and gave the company a “buy” rating in a report on Thursday, December 11th. The Goldman Sachs Group increased their price objective on shares of Weatherford International from $66.00 to $73.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Finally, Barclays reduced their target price on shares of Weatherford International from $111.00 to $109.00 and set an “overweight” rating for the company in a research note on Friday, January 23rd. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Weatherford International has an average rating of “Moderate Buy” and a consensus target price of $93.00.

Weatherford International Company Profile

Weatherford International (NASDAQ: WFRD) is a global oilfield services company specializing in the development, design and manufacturing of equipment and technologies for oil and natural gas drilling, evaluation, completion and production. The company’s core offerings include well construction services such as directional drilling and wellbore positioning, well completion solutions that encompass sand control and zonal isolation technologies, and production enhancement services involving artificial lift systems and well intervention tools.

In addition to its comprehensive service lines, Weatherford provides a range of drilling optimization and reservoir evaluation products.