Weatherford International (NASDAQ:WFRD) Stock Price Target Cut by The Goldman Sachs Group

Key Points

• Goldman Sachs cut Weatherford International’s price target from $106 to $94 while maintaining a “neutral” rating, implying roughly 25.9% upside from the prior close.
• Analyst sentiment remains broadly positive, with six Buy ratings, two Holds and one Sell; the consensus rating is “Moderate Buy” with an average price target of $117.29.
• WFRD shares fell to $74.69, while the company’s latest quarterly results showed adjusted EPS of $0.55—below the $0.90 consensus estimate—and revenue of $1.10 billion, up from expectations but down 8.2% year over year.

Weatherford International (NASDAQ:WFRD - Get Free Report) had its price objective reduced by equities researchers at The Goldman Sachs Group from $106.00 to $94.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. The Goldman Sachs Group's price target suggests a potential upside of 25.86% from the stock's previous close.

A number of other equities research analysts have also recently issued reports on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Weatherford International in a research note on Monday. Barclays decreased their target price on Weatherford International from $154.00 to $151.00 and set an "overweight" rating for the company in a report on Friday, July 24th. Citigroup lowered their price target on shares of Weatherford International from $137.00 to $115.00 and set a "buy" rating for the company in a research report on Friday, June 26th. UBS Group cut their target price on Weatherford International from $120.00 to $116.00 and set a "buy" rating on the stock in a research note on Wednesday, September 23rd. Finally, Zacks Research cut shares of Weatherford International from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 12th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Weatherford International presently has an average rating of "Moderate Buy" and an average price target of $117.29.

Weatherford International Price Performance

Shares of WFRD stock traded down $2.52 on Wednesday, reaching $74.69. The company's stock had a trading volume of 364,771 shares, compared to its average volume of 1,228,510. The company has a market capitalization of $5.34 billion, a P/E ratio of 14.73, a PEG ratio of 1.39 and a beta of 1.05. The company has a quick ratio of 1.77, a current ratio of 2.34 and a debt-to-equity ratio of 0.81. The stock's 50 day simple moving average is $87.35 and its 200-day simple moving average is $93.02. Weatherford International has a 12-month low of $61.75 and a 12-month high of $113.15.

Weatherford International (NASDAQ:WFRD - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The company reported $0.55 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.35). The business had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.07 billion. Weatherford International had a return on equity of 21.50% and a net margin of 7.66%. The firm's revenue for the quarter was down 8.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.87 EPS. As a group, equities analysts predict that Weatherford International will post 5.22 earnings per share for the current fiscal year.

Insider Activity at Weatherford International

In other news, Director Neal P. Goldman sold 16,000 shares of the business's stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $84.84, for a total value of $1,357,440.00. Following the sale, the director directly owned 12,187 shares in the company, valued at $1,033,945.08. The trade was a 56.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jacqueline C. Mutschler sold 4,094 shares of the business's stock in a transaction that occurred on Monday, August 10th. The stock was 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 $2,632,916.50. The trade was a 12.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 26,094 shares of company stock valued at $2,244,487. Insiders own 2.08% of the company's stock.

Institutional Investors Weigh In On Weatherford International

Several institutional investors have recently made changes to their positions in WFRD. IFP Advisors Inc raised its position in Weatherford International by 72.0% during the second quarter. IFP Advisors Inc now owns 313 shares of the company's stock valued at $26,000 after acquiring an additional 131 shares in the last quarter. Corient Private Wealth LLC boosted its position in Weatherford International by 3.1% in the 4th quarter. Corient Private Wealth LLC now owns 4,914 shares of the company's stock worth $385,000 after purchasing an additional 146 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Weatherford International by 4.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,851 shares of the company's stock worth $364,000 after purchasing an additional 151 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Weatherford International by 9.0% during the 2nd quarter. GAMMA Investing LLC now owns 2,191 shares of the company's stock worth $179,000 after purchasing an additional 181 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Weatherford International by 32.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 935 shares of the company's stock worth $88,000 after purchasing an additional 231 shares during the period. Institutional investors own 97.23% of the company's stock.

About Weatherford International

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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