Atlantic Investment Management Inc. Has $18 Million Stock Position in Weatherford International PLC $WFRD

Key Points

• Atlantic Investment Management cut its Weatherford International stake by 36.2% in the fourth quarter, but still held 229,988 shares valued at about $18 million. Weatherford remains one of the fund’s top holdings at roughly 10.1% of its portfolio.
• Weatherford posted better-than-expected quarterly earnings, with EPS of $1.49 versus estimates of $1.02 and revenue of $1.15 billion, slightly above forecasts. The company also reported strong profitability metrics, including a 28.31% return on equity.
• Wall Street sentiment is generally positive, with several analysts issuing upgrades and the consensus rating at Moderate Buy. The average price target stands at $110.67, above the stock’s recent trading level.

Atlantic Investment Management Inc. lowered its position in shares of Weatherford International PLC (NASDAQ:WFRD - Free Report) by 36.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 229,988 shares of the company's stock after selling 130,578 shares during the period. Weatherford International comprises approximately 10.1% of Atlantic Investment Management Inc.'s holdings, making the stock its 6th largest holding. Atlantic Investment Management Inc. owned about 0.32% of Weatherford International worth $17,999,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in WFRD. Holocene Advisors LP increased its position in Weatherford International by 712.8% during the 2nd quarter. Holocene Advisors LP now owns 1,646,034 shares of the company's stock valued at $82,812,000 after purchasing an additional 1,443,512 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Weatherford International by 1,040.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,244,464 shares of the company's stock worth $97,392,000 after purchasing an additional 1,135,338 shares during the period. Norges Bank purchased a new stake in shares of Weatherford International in the 4th quarter worth approximately $61,399,000. Barclays PLC boosted its stake in shares of Weatherford International by 1,096.6% during the fourth quarter. Barclays PLC now owns 855,752 shares of the company's stock valued at $66,971,000 after purchasing an additional 784,237 shares in the last quarter. Finally, Millennium Management LLC raised its stake in Weatherford International by 154.3% in the third quarter. Millennium Management LLC now owns 1,159,192 shares of the company's stock worth $79,324,000 after buying an additional 703,401 shares in the last quarter. 97.23% of the stock is owned by hedge funds and other institutional investors.

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Weatherford International Stock Performance

WFRD opened at $94.15 on Thursday. The company has a market cap of $6.77 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 0.88 and a beta of 0.82. The company has a quick ratio of 1.73, a current ratio of 2.31 and a debt-to-equity ratio of 0.83. Weatherford International PLC has a 52-week low of $46.20 and a 52-week high of $113.15. The firm's 50-day moving average price is $104.16 and its 200-day moving average price is $94.83.

Weatherford International (NASDAQ:WFRD - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The company reported $1.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.47. The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.14 billion. Weatherford International had a net margin of 9.49% and a return on equity of 28.31%. Weatherford International's revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period last year, the firm posted $1.03 EPS. As a group, equities analysts anticipate that Weatherford International PLC will post 6.13 EPS for the current fiscal year.

Weatherford International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Wednesday, May 6th were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Wednesday, May 6th. Weatherford International's dividend payout ratio (DPR) is currently 17.21%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Zacks Research raised Weatherford International from a "hold" rating to a "strong-buy" rating in a research report on Monday. Wall Street Zen upgraded Weatherford International from a "hold" rating to a "buy" rating in a research note on Saturday, May 30th. The Goldman Sachs Group raised their price objective on Weatherford International from $83.00 to $107.00 and gave the company a "neutral" rating in a research report on Wednesday, March 4th. Citigroup lifted their target price on Weatherford International from $134.00 to $137.00 and gave the company a "buy" rating in a research note on Wednesday, June 3rd. Finally, Royal Bank Of Canada assumed coverage on shares of Weatherford International in a research report on Wednesday, March 18th. They set an "outperform" rating and a $105.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $110.67.

Weatherford International Profile

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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