Bank of America Corp DE Lowers Holdings in Weatherford International PLC $WFRD

Key Points

• Bank of America cut its Weatherford International stake by 9% in the first quarter, selling 43,783 shares and retaining 442,065 shares worth about $41.8 million. Institutional investors and hedge funds collectively own 97.23% of WFRD.
• Weatherford reported quarterly EPS of $0.55, missing the $0.90 consensus estimate, while revenue of $1.10 billion exceeded forecasts but declined 8.2% year over year.
• The company declared a quarterly dividend of $0.275, or $1.10 annually, representing a 1.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $113.56, above the reported $92.10 share price.

Bank of America Corp DE reduced its stake in shares of Weatherford International PLC (NASDAQ:WFRD - Free Report) by 9.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 442,065 shares of the company's stock after selling 43,783 shares during the quarter. Bank of America Corp DE owned 0.61% of Weatherford International worth $41,811,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of WFRD. TD Private Client Wealth LLC increased its stake in shares of Weatherford International by 4.2% in the 4th quarter. TD Private Client Wealth LLC now owns 3,219 shares of the company's stock valued at $252,000 after purchasing an additional 130 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Weatherford International by 24.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 704 shares of the company's stock worth $55,000 after purchasing an additional 137 shares in the last quarter. Corient Private Wealth LLC grew its holdings in Weatherford International by 3.1% in the fourth quarter. Corient Private Wealth LLC now owns 4,914 shares of the company's stock valued at $385,000 after purchasing an additional 146 shares during the period. PNC Financial Services Group Inc. grew its holdings in Weatherford International by 4.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,851 shares of the company's stock valued at $364,000 after purchasing an additional 151 shares during the period. Finally, CWM LLC grew its holdings in Weatherford International by 2.3% in the fourth quarter. CWM LLC now owns 7,711 shares of the company's stock valued at $603,000 after purchasing an additional 170 shares during the period. 97.23% of the stock is owned by institutional investors and hedge funds.

Weatherford International Price Performance

Shares of WFRD stock opened at $92.10 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.34 and a quick ratio of 1.77. The firm's 50-day moving average is $88.08 and its two-hundred day moving average is $96.04. Weatherford International PLC has a 12 month low of $54.69 and a 12 month high of $113.15. The company has a market capitalization of $6.60 billion, a PE ratio of 18.17, a price-to-earnings-growth ratio of 1.55 and a beta of 0.87.

Weatherford International (NASDAQ:WFRD - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The company reported $0.55 EPS for the quarter, missing analysts' consensus estimates of $0.90 by ($0.35). The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.07 billion. Weatherford International had a net margin of 7.66% and a return on equity of 21.50%. The company's revenue was down 8.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.87 earnings per share. Analysts predict that Weatherford International PLC will post 5.35 earnings per share for the current year.

Weatherford International Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 6th will be paid a $0.275 dividend. The ex-dividend date is Thursday, August 6th. This represents a $1.10 annualized dividend and a dividend yield of 1.2%. Weatherford International's payout ratio is 21.70%.

Analyst Upgrades and Downgrades

WFRD has been the subject of several recent analyst reports. Citigroup cut their price target on shares of Weatherford International from $137.00 to $115.00 and set a "buy" rating for the company in a report on Friday, June 26th. Raymond James Financial decreased their price objective on shares of Weatherford International from $125.00 to $122.00 and set an "outperform" rating on the stock in a report on Friday, July 10th. Zacks Research lowered shares of Weatherford International from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Barclays cut their target price on shares of Weatherford International from $154.00 to $151.00 and set an "overweight" rating for the company in a research note on Friday, July 24th. Finally, Wall Street Zen downgraded shares of Weatherford International from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $113.56.

Insider Transactions at Weatherford International

In other Weatherford International news, Director Benjamin Duster sold 6,000 shares of the stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $86.09, for a total value of $516,540.00. Following the sale, the director directly owned 11,187 shares of the company's stock, valued at approximately $963,088.83. This represents a 34.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jacqueline C. Mutschler sold 4,094 shares of the firm's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $90.50, for a total value of $370,507.00. Following the completion of the sale, the director owned 29,093 shares in the company, valued at approximately $2,632,916.50. This represents a 12.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 26,094 shares of company stock valued at $2,244,487. 2.07% of the stock is currently owned by company insiders.

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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