AQR Capital Management LLC Buys 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 stake in shares of Weatherford International PLC (NASDAQ:WFRD - Free Report) by 162.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 278,830 shares of the company's stock after buying an additional 172,731 shares during the quarter. AQR Capital Management LLC owned about 0.38% of Weatherford International worth $14,641,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Bank of New York Mellon Corp boosted its holdings in shares of Weatherford International by 67.1% during the 1st quarter. Bank of New York Mellon Corp now owns 1,201,544 shares of the company's stock valued at $64,343,000 after acquiring an additional 482,352 shares in the last quarter. Janus Henderson Group PLC raised its position in Weatherford International by 76.7% during the 4th quarter. Janus Henderson Group PLC now owns 907,593 shares of the company's stock worth $65,011,000 after purchasing an additional 393,955 shares during the last quarter. Vanguard Group Inc. raised its position in Weatherford International by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 8,050,495 shares of the company's stock worth $431,104,000 after purchasing an additional 347,584 shares during the last quarter. Voloridge Investment Management LLC raised its position in Weatherford International by 135.2% during the 4th quarter. Voloridge Investment Management LLC now owns 585,398 shares of the company's stock worth $41,932,000 after purchasing an additional 336,504 shares during the last quarter. Finally, Fiera Capital Corp raised its position in Weatherford International by 1,465.4% during the 1st quarter. Fiera Capital Corp now owns 352,740 shares of the company's stock worth $18,889,000 after purchasing an additional 330,206 shares during the last quarter. Institutional investors and hedge funds own 97.23% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Melius started coverage on Weatherford International in a research report on Wednesday, August 20th. They set a "buy" rating and a $108.00 target price for the company. Barclays lowered their price objective on Weatherford International from $77.00 to $73.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Piper Sandler raised Weatherford International from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $62.00 to $73.00 in a research report on Monday, July 28th. Zacks Research raised Weatherford International from a "strong sell" rating to a "hold" rating in a research report on Monday, August 25th. Finally, Melius Research initiated coverage on Weatherford International in a research note 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 assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $99.70.

Weatherford International Stock Performance

WFRD stock traded down $0.42 during midday trading on Friday, reaching $62.30. 621,865 shares of the company's stock traded hands, compared to its average volume of 781,161. The firm has a market capitalization of $4.48 billion, a PE ratio of 9.64, a price-to-earnings-growth ratio of 1.71 and a beta of 0.78. Weatherford International PLC has a 52 week low of $36.74 and a 52 week high of $98.21. The company has a 50-day moving average price of $58.23 and a two-hundred day moving average price of $52.10. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.63 and a current ratio of 2.21.

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

Weatherford International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Wednesday, August 6th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Wednesday, August 6th. Weatherford International's dividend payout ratio is 15.48%.

Weatherford International Profile

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.