Dorsey Wright & Associates Acquires Shares of 44,903 Weatherford International PLC $WFRD

Key Points

• Dorsey Wright & Associates opened a new position in Weatherford International, buying 44,903 shares valued at about $4.25 million in the first quarter.
• Weatherford reported better-than-expected quarterly earnings of $1.49 per share versus $1.02 expected, while revenue came in slightly above estimates at $1.15 billion.
• Analyst sentiment remains constructive overall, with the stock holding a Moderate Buy rating and an average price target of $113.78, though some firms recently trimmed targets or downgraded the shares.

Dorsey Wright & Associates acquired a new stake in Weatherford International PLC (NASDAQ:WFRD - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 44,903 shares of the company's stock, valued at approximately $4,247,000. Dorsey Wright & Associates owned about 0.06% of Weatherford International at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Smartleaf Asset Management LLC grew its stake in shares of Weatherford International by 127.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 318 shares of the company's stock valued at $25,000 after acquiring an additional 178 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in Weatherford International in the 4th quarter worth about $26,000. Leonteq Securities AG bought a new stake in Weatherford International in the 4th quarter valued at about $39,000. EverSource Wealth Advisors LLC boosted its holdings in Weatherford International by 83.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 556 shares of the company's stock valued at $28,000 after purchasing an additional 253 shares during the period. Finally, Summit Securities Group LLC acquired a new position in shares of Weatherford International during the 1st quarter worth approximately $53,000. 97.23% of the stock is owned by institutional investors.

Weatherford International Price Performance

Shares of WFRD opened at $80.70 on Friday. Weatherford International PLC has a 12-month low of $52.59 and a 12-month high of $113.15. The business has a 50-day simple moving average of $95.54 and a two-hundred day simple moving average of $95.64. The company has a quick ratio of 1.73, a current ratio of 2.31 and a debt-to-equity ratio of 0.83. The stock has a market cap of $5.79 billion, a PE ratio of 12.63, a PEG ratio of 0.92 and a beta of 0.86.

Weatherford International (NASDAQ:WFRD - Get Free Report) last released its quarterly earnings results on Tuesday, April 21st. The company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.47. Weatherford International had a net margin of 9.49% and a return on equity of 28.31%. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the firm earned $1.03 earnings per share. The company's revenue for the quarter was down 3.4% on a year-over-year basis. Analysts anticipate that Weatherford International PLC will post 5.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on WFRD. Piper Sandler raised their price objective on Weatherford International from $115.00 to $118.00 and gave the stock an "overweight" rating in a research note on Thursday, April 23rd. Barclays cut their target price on Weatherford International from $156.00 to $154.00 and set an "overweight" rating for the company in a research report on Thursday. Zacks Research cut Weatherford International from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Weiss Ratings downgraded Weatherford International from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday. Finally, Citigroup cut their price objective on shares of Weatherford International from $137.00 to $115.00 and set a "buy" rating for the company in a research report on Friday, June 26th. Seven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $113.78.

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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