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

Weatherford International plc (NASDAQ:WFRD)’s stock price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $83.97, but opened at $88.32. Weatherford International shares last traded at $84.96, with a volume of 221,001 shares.

The company reported $2.06 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.41. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.42 billion. Weatherford International had a net margin of 9.65% and a return on equity of 49.11%. The company’s revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.66 EPS.

Weatherford International Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Wednesday, November 6th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend is Wednesday, November 6th. Weatherford International’s dividend payout ratio (DPR) is 14.04%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Benchmark restated a “buy” rating and set a $155.00 price objective on shares of Weatherford International in a research note on Thursday. Raymond James lowered their price target on Weatherford International from $161.00 to $158.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 25th. Evercore ISI lowered their price target on Weatherford International from $149.00 to $142.00 and set an “outperform” rating on the stock in a report on Thursday. Barclays lowered their target price on Weatherford International from $165.00 to $154.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Finally, Citigroup cut their price objective on Weatherford International from $155.00 to $130.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $145.75.

Insider Activity at Weatherford International

In other Weatherford International news, EVP David John Reed sold 6,805 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $93.96, for a total transaction of $639,397.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue increased its holdings in Weatherford International by 246.1% in the third quarter. State of Alaska Department of Revenue now owns 27,530 shares of the company’s stock valued at $2,337,000 after purchasing an additional 19,575 shares during the period. Legacy Wealth Asset Management LLC boosted its position in Weatherford International by 7.3% during the third quarter. Legacy Wealth Asset Management LLC now owns 2,997 shares of the company’s stock valued at $255,000 after acquiring an additional 203 shares during the last quarter. Net Worth Advisory Group bought a new stake in Weatherford International during the third quarter valued at $233,000. nVerses Capital LLC bought a new stake in Weatherford International during the third quarter valued at $34,000. Finally, Oliver Luxxe Assets LLC boosted its position in shares of Weatherford International by 80.8% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 20,971 shares of the company’s stock worth $1,781,000 after purchasing an additional 9,372 shares in the last quarter. 97.23% of the stock is owned by institutional investors.

Weatherford International Stock Down 4.7 %

The company has a market cap of $5.66 billion, a P/E ratio of 11.10, a PEG ratio of 0.86 and a beta of 0.58. The stock’s 50-day moving average price is $94.51 and its 200-day moving average price is $110.39. The company has a current ratio of 1.99, a quick ratio of 1.47 and a debt-to-equity ratio of 1.31.

About Weatherford International

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.