Congress Asset Management Co. Sells 646,855 Shares of Weatherford International plc (NASDAQ:WFRD)

Congress Asset Management Co. lessened its stake in shares of Weatherford International plc (NASDAQ:WFRD - Free Report) by 99.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,619 shares of the company's stock after selling 646,855 shares during the period. Congress Asset Management Co.'s holdings in Weatherford International were worth $301,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Lindbrook Capital LLC grew its stake in shares of Weatherford International by 130.8% in the fourth quarter. Lindbrook Capital LLC now owns 360 shares of the company's stock worth $26,000 after acquiring an additional 204 shares during the last quarter. Huntington National Bank grew its holdings in shares of Weatherford International by 190.4% during the fourth quarter. Huntington National Bank now owns 392 shares of the company's stock valued at $28,000 after buying an additional 257 shares during the last quarter. Zions Bancorporation N.A. bought a new position in Weatherford International in the 4th quarter valued at approximately $29,000. Covestor Ltd boosted its stake in Weatherford International by 30.1% during the 4th quarter. Covestor Ltd now owns 926 shares of the company's stock valued at $66,000 after purchasing an additional 214 shares during the last quarter. Finally, Mattson Financial Services LLC bought a new stake in shares of Weatherford International in the 4th quarter worth $73,000. Hedge funds and other institutional investors own 97.23% of the company's stock.

Analysts Set New Price Targets

WFRD has been the topic of a number of research analyst reports. Piper Sandler lowered their price target on Weatherford International from $80.00 to $62.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Citigroup decreased their target price on Weatherford International from $90.00 to $70.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Barclays dropped their price target on shares of Weatherford International from $85.00 to $77.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. Finally, Raymond James cut shares of Weatherford International from a "strong-buy" rating to an "outperform" rating and decreased their price objective for the company from $73.00 to $69.00 in a report on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $96.63.

Insider Activity

In other news, Director Neal P. Goldman bought 12,000 shares of Weatherford International stock in a transaction that occurred on Thursday, April 24th. The stock was bought at an average cost of $42.04 per share, with a total value of $504,480.00. Following the acquisition, the director now owns 25,311 shares of the company's stock, valued at $1,064,074.44. The trade was a 90.15% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.09% of the company's stock.

Weatherford International Stock Performance

Shares of NASDAQ WFRD traded up $2.13 during midday trading on Tuesday, hitting $51.40. 1,974,296 shares of the company's stock traded hands, compared to its average volume of 1,183,873. The firm has a fifty day moving average of $44.81 and a 200 day moving average of $59.38. Weatherford International plc has a 1 year low of $36.74 and a 1 year high of $135.00. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.49 and a current ratio of 2.01. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 7.65, a price-to-earnings-growth ratio of 1.65 and a beta of 0.73.

Weatherford International (NASDAQ:WFRD - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The company reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. Weatherford International had a net margin of 9.18% and a return on equity of 40.65%. The business had revenue of $1.19 billion during the quarter, compared to analysts' expectations of $1.21 billion. On average, analysts forecast that Weatherford International plc will post 5.89 earnings per share for the current year.

Weatherford International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, May 6th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.95%. The ex-dividend date was Tuesday, May 6th. Weatherford International's dividend payout ratio (DPR) is currently 16.00%.

Weatherford International Company 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.