AQR Capital Management LLC Purchases 172,731 Shares of Weatherford International PLC $WFRD

Key Points

• AQR Capital Management significantly increased its holdings in Weatherford International by 162.8%, owning approximately $14.64 million worth of shares after acquiring 172,731 additional shares in the first quarter.
• Other investors, including Fifth Third Bancorp and Brooklyn Investment Group, also made substantial increases in their positions, showcasing a trend of growing institutional interest, with institutional ownership at 97.23%.
• Weatherford International's earnings report revealed substantial earnings per share of $1.87, exceeding analyst expectations, despite a 14.3% decline in revenue compared to the previous year.

AQR Capital Management LLC increased its holdings in shares of Weatherford International PLC (NASDAQ:WFRD - Free Report) by 162.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 278,830 shares of the company's stock after purchasing an additional 172,731 shares during the quarter. AQR Capital Management LLC owned 0.38% of Weatherford International worth $14,641,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Atlantic Investment Management Inc. lifted its holdings in Weatherford International by 30.7% in the first quarter. Atlantic Investment Management Inc. now owns 572,809 shares of the company's stock valued at $30,674,000 after acquiring an additional 134,700 shares during the period. Alyeska Investment Group L.P. grew its position in shares of Weatherford International by 396.5% during the first quarter. Alyeska Investment Group L.P. now owns 275,159 shares of the company's stock worth $14,735,000 after purchasing an additional 219,737 shares in the last quarter. Maverick Capital Ltd. grew its position in shares of Weatherford International by 196.1% during the first quarter. Maverick Capital Ltd. now owns 12,334 shares of the company's stock worth $660,000 after purchasing an additional 8,169 shares in the last quarter. Royal Bank of Canada grew its position in shares of Weatherford International by 223.0% during the first quarter. Royal Bank of Canada now owns 122,662 shares of the company's stock worth $6,568,000 after purchasing an additional 84,684 shares in the last quarter. Finally, Quarry LP grew its position in shares of Weatherford International by 188.6% during the first quarter. Quarry LP now owns 1,036 shares of the company's stock worth $55,000 after purchasing an additional 677 shares in the last quarter. 97.23% of the stock is owned by institutional investors.

Weatherford International Trading Down 1.4%

Shares of WFRD stock traded down $0.90 on Monday, reaching $61.40. 474,874 shares of the company's stock were exchanged, compared to its average volume of 780,877. Weatherford International PLC has a 52 week low of $36.74 and a 52 week high of $98.21. The company has a current ratio of 2.21, a quick ratio of 1.63 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $4.41 billion, a PE ratio of 9.50, a P/E/G ratio of 1.70 and a beta of 0.78. The company's fifty day simple moving average is $58.40 and its 200 day simple moving average is $51.96.

Weatherford International (NASDAQ:WFRD - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The company reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.97 by $0.90. Weatherford International had a return on equity of 34.87% and a net margin of 9.35%.The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the company earned $1.66 EPS. Weatherford International's quarterly revenue was down 14.3% compared to the same quarter last year. As a group, analysts forecast that Weatherford International PLC will post 5.89 EPS for the current year.

Weatherford International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Wednesday, August 6th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Wednesday, August 6th. Weatherford International's dividend payout ratio (DPR) is currently 15.48%.

Wall Street Analyst Weigh In

Several research firms have weighed in on WFRD. Barclays cut their price target on Weatherford International from $77.00 to $73.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Melius Research began coverage on Weatherford International in a report on Wednesday, August 20th. They set a "buy" rating and a $108.00 price target for the company. Raymond James Financial restated an "outperform" rating and set a $70.00 price target (up previously from $69.00) on shares of Weatherford International in a report on Thursday, July 24th. Piper Sandler upgraded Weatherford International from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $62.00 to $73.00 in a report on Monday, July 28th. Finally, Melius assumed coverage on Weatherford International in a report on Wednesday, August 20th. They issued a "buy" rating and a $108.00 target price for the company. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Weatherford International currently has an average rating of "Moderate Buy" and a consensus target price of $99.70.

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.