Weatherford International (NASDAQ:WFRD) Stock Price Target Cut by Piper Sandler

Key Points

• Piper Sandler cut Weatherford International’s price target from $118 to $110 while maintaining an “overweight” rating, implying 43.81% upside from the previous close.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average target of $115.71, despite several firms lowering their targets.
• Weatherford’s latest quarterly results missed earnings expectations, reporting $0.55 EPS versus $0.90 expected, while revenue rose above estimates but declined 8.2% year over year.

Weatherford International (NASDAQ:WFRD - Get Free Report) had its price objective decreased by stock analysts at Piper Sandler from $118.00 to $110.00 in a research report issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price target indicates a potential upside of 43.81% from the company's previous close.

A number of other research firms have also issued reports on WFRD. UBS Group decreased their target price on Weatherford International from $120.00 to $116.00 and set a "buy" rating for the company in a report on Wednesday, September 23rd. Wall Street Zen cut Weatherford International from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Raymond James Financial cut their price target on Weatherford International from $125.00 to $122.00 and set an "outperform" rating on the stock in a report on Friday, July 10th. The Goldman Sachs Group reduced their price target on Weatherford International from $106.00 to $94.00 and set a "neutral" rating on the stock in a research report on Wednesday, October 14th. Finally, Barclays reduced their price target on Weatherford International from $151.00 to $148.00 and set an "overweight" rating on the stock in a research report on Thursday. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Weatherford International presently has a consensus rating of "Moderate Buy" and an average price target of $115.71.

Weatherford International Stock Up 0.4%

Shares of NASDAQ WFRD traded up $0.30 during midday trading on Monday, hitting $76.49. The company's stock had a trading volume of 79,170 shares, compared to its average volume of 1,222,300. The business's fifty day simple moving average is $86.62 and its two-hundred day simple moving average is $92.61. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.34 and a quick ratio of 1.77. Weatherford International has a 1 year low of $62.84 and a 1 year high of $113.15. The firm has a market capitalization of $5.47 billion, a price-to-earnings ratio of 15.05, a price-to-earnings-growth ratio of 1.39 and a beta of 1.05.

Weatherford International (NASDAQ:WFRD - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The company reported $0.55 earnings per share for the quarter, missing analysts' consensus estimates of $0.90 by ($0.35). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.07 billion. Weatherford International had a net margin of 7.66% and a return on equity of 21.50%. The company's revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.87 EPS. On average, equities analysts predict that Weatherford International will post 5.18 EPS for the current year.

Insider Buying and Selling at Weatherford International

In other news, Director Jacqueline Mutschler sold 4,094 shares of the firm's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $90.50, for a total value of $370,507.00. Following the sale, the director directly owned 29,093 shares in the company, valued at approximately $2,632,916.50. This trade represents a 12.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Benjamin Duster, IV sold 6,000 shares of Weatherford International stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $86.09, for a total transaction of $516,540.00. Following the sale, the director directly owned 11,187 shares of the company's stock, valued at approximately $963,088.83. This trade represents a 34.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 26,094 shares of company stock valued at $2,244,487. Insiders own 2.07% of the company's stock.

Institutional Trading of Weatherford International

Hedge funds and other institutional investors have recently bought and sold shares of the business. Canoe Financial LP purchased a new position in shares of Weatherford International during the first quarter worth about $50,052,000. First Trust Advisors LP lifted its holdings in shares of Weatherford International by 12.4% in the 1st quarter. First Trust Advisors LP now owns 1,760,467 shares of the company's stock valued at $166,505,000 after purchasing an additional 194,654 shares during the last quarter. Readystate Asset Management LP acquired a new stake in shares of Weatherford International in the 2nd quarter valued at about $15,269,000. Bank of New York Mellon Corp grew its stake in Weatherford International by 15.5% during the 1st quarter. Bank of New York Mellon Corp now owns 794,732 shares of the company's stock worth $75,166,000 after buying an additional 106,716 shares during the last quarter. Finally, Sei Investments Co. grew its stake in Weatherford International by 193.7% during the 1st quarter. Sei Investments Co. now owns 149,935 shares of the company's stock worth $14,181,000 after buying an additional 98,882 shares during the last quarter. 97.23% of the stock is currently owned by institutional investors and hedge funds.

Weatherford International Company Profile

Weatherford International plc is an energy services company that provides equipment, technology and services to the oil and natural gas industry. Its offerings support the exploration, drilling, completion, production and intervention stages of the well life cycle, helping energy companies develop and manage onshore and offshore assets.

The company's portfolio includes drilling and formation-evaluation services, well construction and completion technologies, production optimization, artificial-lift systems, well intervention and pressure-control services.

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