Citigroup Boosts Weatherford International (NASDAQ:WFRD) Price Target to $134.00

Key Points

• Citigroup raised its price target on Weatherford International to $134.00 (from $115.00) and kept a buy rating, implying about a 23.05% upside from the prior close.
• Weatherford beat quarterly EPS expectations ($1.49 vs. $1.02) and reported solid profitability metrics (ROE 28.31%, net margin 9.49%); shares traded around $108.90 mid-day, below Citigroup's target.
• Analyst views are mixed—seven Buys and four Holds with an average target of $105.33—while CEO Girish Saligram sold 100,000 shares at $105.50 and institutional investors own roughly 97.23% of the stock.

Weatherford International (NASDAQ:WFRD - Get Free Report) had its price objective raised by equities researchers at Citigroup from $115.00 to $134.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Citigroup's price objective would suggest a potential upside of 23.05% from the company's previous close.

WFRD has been the topic of several other research reports. Piper Sandler lifted their target price on Weatherford International from $115.00 to $118.00 and gave the company an "overweight" rating in a research report on Thursday, April 23rd. Royal Bank Of Canada started coverage on Weatherford International in a research report on Wednesday, March 18th. They set an "outperform" rating and a $105.00 target price on the stock. Barclays cut their target price on Weatherford International from $114.00 to $111.00 and set an "overweight" rating on the stock in a research report on Thursday, April 9th. Weiss Ratings cut Weatherford International from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, April 24th. Finally, The Goldman Sachs Group boosted their price objective on Weatherford International from $83.00 to $107.00 and gave the stock a "neutral" rating in a research report on Wednesday, March 4th. Seven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $105.33.

Weatherford International Stock Down 0.5%

Shares of NASDAQ:WFRD traded down $0.59 during mid-day trading on Monday, hitting $108.90. 248,339 shares of the company traded hands, compared to its average volume of 1,353,860. The stock has a market cap of $7.83 billion, a P/E ratio of 17.05, a P/E/G ratio of 1.30 and a beta of 0.87. The company has a current ratio of 2.31, a quick ratio of 1.73 and a debt-to-equity ratio of 0.83. Weatherford International has a 12-month low of $42.58 and a 12-month high of $112.31. The stock has a 50-day moving average price of $97.88 and a two-hundred day moving average price of $87.25.

Weatherford International (NASDAQ:WFRD - Get Free Report) last announced its earnings results on Tuesday, April 21st. The company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.47. The company had revenue of $1.15 billion for the quarter, compared to analysts' expectations of $1.14 billion. Weatherford International had a return on equity of 28.31% and a net margin of 9.49%.Weatherford International's quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.03 earnings per share. On average, equities research analysts forecast that Weatherford International will post 5.97 earnings per share for the current year.

Insider Activity at Weatherford International

In other news, CEO Girish Saligram sold 100,000 shares of the company's stock in a transaction on Friday, February 6th. The stock was sold at an average price of $105.50, for a total transaction of $10,550,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.09% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. TD Private Client Wealth LLC lifted its position in shares of Weatherford International by 4.2% during the 4th quarter. TD Private Client Wealth LLC now owns 3,219 shares of the company's stock valued at $252,000 after buying an additional 130 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Weatherford International by 24.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 704 shares of the company's stock valued at $55,000 after buying an additional 137 shares during the last quarter. Corient Private Wealth LLC lifted its position in shares of Weatherford International by 3.1% during the 4th quarter. Corient Private Wealth LLC now owns 4,914 shares of the company's stock valued at $385,000 after buying an additional 146 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Weatherford International by 3.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 4,662 shares of the company's stock valued at $319,000 after buying an additional 167 shares during the last quarter. Finally, CWM LLC lifted its position in shares of Weatherford International by 2.3% during the 4th quarter. CWM LLC now owns 7,711 shares of the company's stock valued at $603,000 after buying an additional 170 shares during the last quarter. Hedge funds and other institutional investors own 97.23% of the company's stock.

About Weatherford International

Weatherford International NASDAQ: WFRD is a global oilfield services company specializing in the development, design and manufacturing of equipment and technologies for oil and natural gas drilling, evaluation, completion and production. The company’s core offerings include well construction services such as directional drilling and wellbore positioning, well completion solutions that encompass sand control and zonal isolation technologies, and production enhancement services involving artificial lift systems and well intervention tools.

In addition to its comprehensive service lines, Weatherford provides a range of drilling optimization and reservoir evaluation products.

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