Bank of New York Mellon Corp Has $75.17 Million Stock Holdings in Weatherford International PLC $WFRD

Key Points

• Bank of New York Mellon increased its Weatherford International stake by 15.5% in the first quarter, ending with 794,732 shares valued at about $75.17 million, or roughly 1.10% of the company.
• Weatherford reported Q2 earnings of $0.55 per share, which missed analyst expectations of $0.90, though revenue came in slightly ahead at $1.10 billion versus the $1.07 billion estimate.
• Analyst sentiment remains mixed but constructive, with a Moderate Buy consensus and an average price target of $113.78, even as several firms recently downgraded the stock or trimmed targets.

Bank of New York Mellon Corp grew its position in Weatherford International PLC (NASDAQ:WFRD - Free Report) by 15.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 794,732 shares of the company's stock after purchasing an additional 106,716 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.10% of Weatherford International worth $75,166,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Smartleaf Asset Management LLC grew its stake in Weatherford International by 127.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 318 shares of the company's stock valued at $25,000 after buying an additional 178 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Weatherford International during the 4th quarter worth $26,000. Leonteq Securities AG acquired a new position in Weatherford International during the 4th quarter worth $39,000. EverSource Wealth Advisors LLC boosted its holdings in Weatherford International by 83.5% during the second quarter. EverSource Wealth Advisors LLC now owns 556 shares of the company's stock valued at $28,000 after acquiring an additional 253 shares during the period. Finally, Summit Securities Group LLC bought a new stake in Weatherford International during the first quarter valued at about $53,000. 97.23% of the stock is currently owned by institutional investors and hedge funds.

Weatherford International Stock Performance

NASDAQ WFRD opened at $83.32 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.31 and a quick ratio of 1.73. The firm has a market capitalization of $5.98 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 0.90 and a beta of 0.86. The company's fifty day moving average is $94.57 and its two-hundred day moving average is $95.79. Weatherford International PLC has a 52-week low of $52.70 and a 52-week high of $113.15.

Weatherford International (NASDAQ:WFRD - Get Free Report) last announced 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). Weatherford International had a net margin of 9.49% and a return on equity of 28.31%. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the company posted $1.87 EPS. Equities research analysts forecast that Weatherford International PLC will post 5.94 EPS for the current year.

Analyst Upgrades and Downgrades

WFRD has been the topic of several research analyst reports. Wall Street Zen downgraded Weatherford International from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Raymond James Financial cut their price objective on Weatherford International from $125.00 to $122.00 and set an "outperform" rating for the company in a research report on Friday, July 10th. Zacks Research downgraded Weatherford International from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 14th. Citigroup lowered their target price on Weatherford International from $137.00 to $115.00 and set a "buy" rating on the stock in a report on Friday, June 26th. Finally, Weiss Ratings downgraded Weatherford International from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, July 14th. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Weatherford International has a consensus rating of "Moderate Buy" and an average target price of $113.78.

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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