Weatherford International (NASDAQ:WFRD) Sets New 52-Week High After Strong Earnings

Weatherford International PLC (NASDAQ:WFRD)’s stock price hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $96.16 and last traded at $95.99, with a volume of 1830980 shares. The stock had previously closed at $92.39.

The company reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.49. The company 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 29.08% and a net margin of 8.76%.Weatherford International’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.50 EPS.

Weatherford International Increases Dividend

The business also recently disclosed 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. The ex-dividend date is Friday, February 6th. This is an increase from Weatherford International’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 1.1%. Weatherford International’s dividend payout ratio is presently 16.86%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on WFRD. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Weatherford International in a research note on Wednesday, January 21st. The Goldman Sachs Group upped their price objective on shares of Weatherford International from $66.00 to $73.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Citigroup increased their target price on shares of Weatherford International from $77.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Barclays reduced their price target on Weatherford International from $111.00 to $109.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Finally, Piper Sandler upped their price target on Weatherford International from $80.00 to $95.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Seven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $93.00.

Insider Buying and Selling at Weatherford International

In related news, EVP Kristin Ruzicka sold 2,129 shares of the company’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $77.25, for a total value of $164,465.25. Following the sale, the executive vice president directly owned 15,673 shares of the company’s stock, valued at $1,210,739.25. This represents a 11.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.09% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Weatherford International

A number of hedge funds and other institutional investors have recently bought and sold shares of WFRD. Quent Capital LLC purchased a new stake in shares of Weatherford International in the third quarter worth $26,000. Elevation Point Wealth Partners LLC purchased a new stake in Weatherford International during the 2nd quarter valued at about $27,000. EverSource Wealth Advisors LLC grew 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 valued at $28,000 after purchasing an additional 253 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in Weatherford International by 69.8% during the 2nd quarter. Smartleaf Asset Management LLC now owns 584 shares of the company’s stock valued at $29,000 after purchasing an additional 240 shares in the last quarter. Finally, Sound Income Strategies LLC purchased a new position in Weatherford International in the third quarter worth about $35,000. Hedge funds and other institutional investors own 97.23% of the company’s stock.

Weatherford International Price Performance

The firm’s fifty day simple moving average is $83.26 and its 200-day simple moving average is $71.08. The firm has a market capitalization of $7.17 billion, a PE ratio of 16.86 and a beta of 0.79. 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 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.