Weatherford International (NASDAQ:WFRD) Shares Gap Up Following Better-Than-Expected Earnings

Weatherford International plc (NASDAQ:WFRDGet Free Report) shares gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $87.69, but opened at $91.94. Weatherford International shares last traded at $92.69, with a volume of 333,212 shares traded.

The company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.42 by $0.48. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.34 billion. Weatherford International had a return on equity of 61.90% and a net margin of 8.12%. Weatherford International’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.12 earnings per share.

Wall Street Analysts Forecast Growth

WFRD has been the subject of several recent analyst reports. TheStreet cut Weatherford International from a “b-” rating to a “c” rating in a research note on Tuesday. Piper Sandler increased their target price on shares of Weatherford International from $116.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, October 26th. Bank of America initiated coverage on shares of Weatherford International in a research report on Friday, November 10th. They issued a “buy” rating and a $120.00 target price on the stock. Raymond James increased their target price on shares of Weatherford International from $110.00 to $127.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 26th. Finally, The Goldman Sachs Group increased their target price on shares of Weatherford International from $101.00 to $113.00 and gave the company a “buy” rating in a research report on Tuesday, November 14th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $111.50.

Check Out Our Latest Analysis on Weatherford International

Insiders Place Their Bets

In other Weatherford International news, EVP Joseph H. Mongrain sold 17,071 shares of the company’s stock in a transaction on Tuesday, December 5th. The shares were sold at an average price of $89.91, for a total transaction of $1,534,853.61. Following the completion of the transaction, the executive vice president now owns 30,483 shares in the company, valued at approximately $2,740,726.53. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Weatherford International

Institutional investors have recently added to or reduced their stakes in the business. Boston Partners raised its position in Weatherford International by 449.1% in the second quarter. Boston Partners now owns 2,226,804 shares of the company’s stock worth $148,895,000 after acquiring an additional 1,821,266 shares in the last quarter. Van ECK Associates Corp purchased a new position in Weatherford International in the third quarter worth $114,430,000. State Street Corp raised its position in Weatherford International by 317.1% in the second quarter. State Street Corp now owns 1,571,745 shares of the company’s stock worth $33,274,000 after acquiring an additional 1,194,930 shares in the last quarter. Millennium Management LLC boosted its holdings in Weatherford International by 465.6% during the fourth quarter. Millennium Management LLC now owns 1,143,602 shares of the company’s stock worth $58,232,000 after buying an additional 941,426 shares in the last quarter. Finally, Merewether Investment Management LP purchased a new stake in Weatherford International during the fourth quarter worth about $40,991,000. Hedge funds and other institutional investors own 90.66% of the company’s stock.

Weatherford International Trading Up 4.8 %

The stock has a market cap of $7.10 billion, a PE ratio of 17.42 and a beta of 0.70. The business’s fifty day moving average is $92.91 and its 200 day moving average is $91.31. The company has a quick ratio of 1.41, a current ratio of 1.86 and a debt-to-equity ratio of 2.44.

About Weatherford International

(Get Free Report)

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 through three segments: Drilling and Evaluation; Well Construction and Completions; and Production and Intervention.

Further Reading

Receive News & Ratings for Weatherford International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Weatherford International and related companies with MarketBeat.com's FREE daily email newsletter.