Weatherford International (NASDAQ:WFRD) Shares Gap Down to $19.24

Posted by MarketBeat News on Jul 23rd, 2022

Weatherford International logo Weatherford International plc (NASDAQ:WFRD – Get Rating) gapped down prior to trading on Thursday . The stock had previously closed at $19.24, but opened at $18.25. Weatherford International shares last traded at $18.10, with a volume of 1,258 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Weatherford International in a report on Wednesday, June 8th. They issued a “buy” rating and a $49.00 price objective for the company. The Goldman Sachs Group dropped their target price on Weatherford International from $43.00 to $29.00 and set a “buy” rating on the stock in a research report on Wednesday, July 13th.

Weatherford International Price Performance

The firm has a market capitalization of $1.25 billion and a PE ratio of -3.01. The company has a debt-to-equity ratio of 5.67, a current ratio of 2.22 and a quick ratio of 1.70. The firm has a 50-day simple moving average of $26.44 and a 200-day simple moving average of $30.29.

Weatherford International (NASDAQ:WFRD – Get Rating) last announced its earnings results on Wednesday, April 27th. The company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.02). Weatherford International had a negative return on equity of 36.94% and a negative net margin of 11.04%. The firm had revenue of $938.00 million during the quarter, compared to analysts’ expectations of $933.00 million. As a group, equities analysts forecast that Weatherford International plc will post -1.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in WFRD. Qube Research & Technologies Ltd lifted its position in shares of Weatherford International by 433.3% during the 4th quarter. Qube Research & Technologies Ltd now owns 122,619 shares of the company’s stock valued at $3,399,000 after buying an additional 99,625 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Weatherford International in the 4th quarter worth approximately $306,000. New York State Common Retirement Fund increased its stake in Weatherford International by 8.5% in the 4th quarter. New York State Common Retirement Fund now owns 488,977 shares of the company’s stock worth $13,554,000 after acquiring an additional 38,253 shares during the last quarter. Advisor Group Holdings Inc. increased its stake in Weatherford International by 915.2% in the 4th quarter. Advisor Group Holdings Inc. now owns 8,619 shares of the company’s stock worth $239,000 after acquiring an additional 7,770 shares during the last quarter. Finally, Arizona State Retirement System bought a new stake in Weatherford International in the 4th quarter worth approximately $523,000. 93.07% of the stock is owned by hedge funds and other institutional investors.

Weatherford International Company Profile

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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 in two segments, Western Hemisphere and Eastern Hemisphere. It offers artificial lift systems, including reciprocating rod, progressing cavity pumping, gas, hydraulic, plunger, and hybrid lift systems, as well as related automation and control systems; pressure pumping and reservoir stimulation services, such as acidizing, fracturing, cementing, and coiled-tubing intervention; and drill stem test tools, surface well testing, and multiphase flow measurement services.