Weatherford International (NASDAQ:WFRD) Trading 5.2% Higher on Better-Than-Expected Earnings

Shares of Weatherford International plc (NASDAQ:WFRD) traded up 5.2% during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $126.00 and last traded at $124.18. 242,464 shares changed hands during trading, a decline of 70% from the average session volume of 812,216 shares. The stock had previously closed at $118.09.

The company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.41 by $0.09. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Weatherford International had a net margin of 8.61% and a return on equity of 58.17%. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.97 EPS.

Wall Street Analysts Forecast Growth

WFRD has been the topic of a number of research reports. Evercore ISI lifted their price target on shares of Weatherford International from $130.00 to $151.00 and gave the stock an “outperform” rating in a report on Thursday. Bank of America lifted their price target on shares of Weatherford International from $123.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Piper Sandler lifted their price target on shares of Weatherford International from $180.00 to $184.00 and gave the stock an “overweight” rating in a report on Thursday. TheStreet raised shares of Weatherford International from a “c” rating to a “b” rating in a report on Monday, March 11th. Finally, Benchmark reaffirmed a “buy” rating and issued a $155.00 price target on shares of Weatherford International in a report on Wednesday. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $134.11.

Insider Buying and Selling at Weatherford International

In other Weatherford International news, Director Benjamin Duster sold 12,000 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $97.58, for a total transaction of $1,170,960.00. Following the sale, the director now owns 24,801 shares of the company’s stock, valued at approximately $2,420,081.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Benjamin Duster sold 12,000 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $97.58, for a total transaction of $1,170,960.00. Following the completion of the transaction, the director now directly owns 24,801 shares in the company, valued at approximately $2,420,081.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Girish Saligram sold 60,000 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $103.57, for a total transaction of $6,214,200.00. Following the transaction, the chief executive officer now owns 146,895 shares of the company’s stock, valued at $15,213,915.15. The disclosure for this sale can be found here. Insiders have sold 135,455 shares of company stock valued at $13,628,764 in the last 90 days. 2.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WFRD. Van ECK Associates Corp purchased a new position in shares of Weatherford International during the 3rd quarter valued at $114,430,000. Norges Bank purchased a new position in Weatherford International in the fourth quarter worth $89,762,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in Weatherford International by 1,261.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 381,100 shares of the company’s stock worth $34,425,000 after acquiring an additional 353,100 shares in the last quarter. Acadian Asset Management LLC grew its position in Weatherford International by 101.1% in the third quarter. Acadian Asset Management LLC now owns 656,738 shares of the company’s stock worth $59,309,000 after acquiring an additional 330,133 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Weatherford International by 1,564.7% in the third quarter. Principal Financial Group Inc. now owns 281,174 shares of the company’s stock worth $25,398,000 after acquiring an additional 264,284 shares in the last quarter. 97.23% of the stock is currently owned by hedge funds and other institutional investors.

Weatherford International Price Performance

The firm’s 50-day moving average is $113.33 and its 200-day moving average is $100.50. The company has a market capitalization of $8.94 billion, a PE ratio of 20.01, a price-to-earnings-growth ratio of 0.94 and a beta of 0.73. The company has a quick ratio of 1.37, a current ratio of 1.79 and a debt-to-equity ratio of 1.86.

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.