Weatherford International (NASDAQ:WFRD) Now Covered by Analysts at Royal Bank Of Canada

Equities research analysts at Royal Bank Of Canada assumed coverage on shares of Weatherford International (NASDAQ:WFRD) in a report released on Wednesday. The brokerage set an “outperform” rating and a $105.00 price target on the stock. Royal Bank Of Canada’s price target indicates a potential upside of 21.53% from the company’s previous close.

WFRD has been the topic of a number of other research reports. Wall Street Zen cut shares of Weatherford International from a “strong-buy” rating to a “buy” rating in a research note on Monday. Citigroup increased their price objective on shares of Weatherford International from $93.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. Barclays decreased their price objective on shares of Weatherford International from $111.00 to $109.00 and set an “overweight” rating on the stock in a research report on Friday, January 23rd. Piper Sandler lifted 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. Finally, The Goldman Sachs Group upped their target price on shares of Weatherford International from $83.00 to $107.00 and gave the stock a “neutral” rating in a report on Wednesday, March 4th. Seven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Weatherford International currently has a consensus rating of “Moderate Buy” and an average target price of $98.33.

Weatherford International Stock Performance

Shares of WFRD opened at $86.40 on Wednesday. The business has a 50-day simple moving average of $94.92 and a two-hundred day simple moving average of $79.58. The company has a quick ratio of 1.65, a current ratio of 2.19 and a debt-to-equity ratio of 0.86. Weatherford International has a 52 week low of $36.74 and a 52 week high of $110.57. The stock has a market cap of $6.20 billion, a price-to-earnings ratio of 14.57 and a beta of 0.78.

Weatherford International (NASDAQ:WFRD) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.49. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Weatherford International had a return on equity of 28.07% and a net margin of 8.76%.The business’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.50 EPS. On average, analysts expect that Weatherford International will post 5.89 EPS for the current year.

Insider Transactions at Weatherford International

In other news, CEO Girish Saligram sold 100,000 shares of Weatherford International stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $105.50, for a total transaction of $10,550,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Weatherford International

Hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada increased its holdings in Weatherford International by 223.0% in the 1st quarter. Royal Bank of Canada now owns 122,662 shares of the company’s stock valued at $6,568,000 after acquiring an additional 84,684 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Weatherford International by 129.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 143,703 shares of the company’s stock valued at $7,695,000 after purchasing an additional 81,046 shares during the last quarter. United Services Automobile Association purchased a new position in shares of Weatherford International during the first quarter valued at about $258,000. PNC Financial Services Group Inc. grew its position in shares of Weatherford International by 53.3% during the second quarter. PNC Financial Services Group Inc. now owns 4,495 shares of the company’s stock valued at $226,000 after purchasing an additional 1,563 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey increased its holdings in shares of Weatherford International by 5.7% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 27,168 shares of the company’s stock worth $1,367,000 after purchasing an additional 1,466 shares during the last quarter. Institutional investors own 97.23% of the company’s stock.

About Weatherford International

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.