State Board of Administration of Florida Retirement System Purchases New Holdings in Weatherford International plc (NASDAQ:WFRD)

State Board of Administration of Florida Retirement System purchased a new stake in Weatherford International plc (NASDAQ:WFRDGet Rating) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,530 shares of the company’s stock, valued at approximately $519,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Geneos Wealth Management Inc. bought a new position in Weatherford International during the 1st quarter worth approximately $25,000. UBS Group AG lifted its holdings in Weatherford International by 83.6% during the 1st quarter. UBS Group AG now owns 5,985 shares of the company’s stock worth $199,000 after buying an additional 2,725 shares during the last quarter. Hsbc Holdings PLC bought a new position in Weatherford International during the 1st quarter worth approximately $207,000. CTC Capital Management LLC bought a new position in Weatherford International during the 1st quarter worth approximately $213,000. Finally, Spartan Fund Management Inc. bought a new position in Weatherford International during the 2nd quarter worth approximately $148,000. Hedge funds and other institutional investors own 94.13% of the company’s stock.

Weatherford International Stock Down 0.1 %

Shares of Weatherford International stock opened at $43.00 on Friday. The company has a current ratio of 2.21, a quick ratio of 1.69 and a debt-to-equity ratio of 5.01. The business’s 50 day simple moving average is $36.22 and its 200-day simple moving average is $29.75. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of -14.48 and a beta of 1.23. Weatherford International plc has a twelve month low of $16.96 and a twelve month high of $44.57.

Weatherford International (NASDAQ:WFRDGet Rating) last posted its earnings results on Tuesday, October 25th. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.25). Weatherford International had a negative net margin of 5.06% and a negative return on equity of 13.58%. The business had revenue of $1.12 billion during the quarter. Equities research analysts forecast that Weatherford International plc will post 0.3 earnings per share for the current year.

Wall Street Analyst Weigh In

WFRD has been the topic of a number of research analyst reports. Piper Sandler increased their target price on Weatherford International from $57.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday. Deutsche Bank Aktiengesellschaft increased their target price on Weatherford International from $49.00 to $54.00 in a report on Thursday, October 27th. The Goldman Sachs Group increased their price target on Weatherford International from $38.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, November 2nd. Finally, Evercore ISI reiterated an “outperform” rating and set a $53.00 price target on shares of Weatherford International in a research report on Tuesday, September 6th.

About Weatherford International

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Weatherford International (NASDAQ:WFRD)

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