HITE Hedge Asset Management LLC Buys New Shares in Weatherford International PLC $WFRD

Key Points

• HITE Hedge Asset Management LLC has acquired 185,131 shares of Weatherford International PLC, valued at approximately $9.9 million, representing a 0.26% ownership stake in the company.
• Analysts have mixed outlooks on Weatherford International, with price targets dropping from $90.00 to $70.00 and a consensus rating of "Moderate Buy".
• The company recently declared a quarterly dividend of $0.25 per share, providing an annualized dividend yield of 1.8%, with a low payout ratio of 15.48%.

HITE Hedge Asset Management LLC bought a new stake in shares of Weatherford International PLC (NASDAQ:WFRD - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 185,131 shares of the company's stock, valued at approximately $9,914,000. HITE Hedge Asset Management LLC owned about 0.26% of Weatherford International at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Signaturefd LLC raised its holdings in shares of Weatherford International by 1,002.0% during the first quarter. Signaturefd LLC now owns 1,091 shares of the company's stock valued at $58,000 after acquiring an additional 992 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Weatherford International during the first quarter valued at approximately $445,000. GAMMA Investing LLC raised its holdings in shares of Weatherford International by 55.8% during the first quarter. GAMMA Investing LLC now owns 645 shares of the company's stock valued at $35,000 after acquiring an additional 231 shares during the last quarter. Diversified Trust Co acquired a new position in shares of Weatherford International during the first quarter valued at approximately $419,000. Finally, Hara Capital LLC acquired a new position in shares of Weatherford International during the first quarter valued at approximately $1,845,000. Institutional investors and hedge funds own 97.23% of the company's stock.

Analyst Upgrades and Downgrades

WFRD has been the subject of a number of research analyst reports. Melius Research initiated coverage on Weatherford International in a report on Wednesday. They set a "buy" rating and a $108.00 target price for the company. Citigroup cut their price target on Weatherford International from $90.00 to $70.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Raymond James Financial reaffirmed an "outperform" rating and issued a $70.00 price target (up previously from $69.00) on shares of Weatherford International in a report on Thursday, July 24th. Barclays cut their price target on Weatherford International from $77.00 to $73.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Finally, Melius initiated coverage on Weatherford International in a report on Wednesday. They issued a "buy" rating and a $108.00 price target for the company. Nine research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Weatherford International presently has a consensus rating of "Moderate Buy" and a consensus price target of $99.70.

Weatherford International Trading Up 6.1%

WFRD stock traded up $3.52 during midday trading on Friday, hitting $60.83. 790,757 shares of the company's stock were exchanged, compared to its average volume of 822,323. The business has a 50-day simple moving average of $54.69 and a two-hundred day simple moving average of $52.65. The company has a current ratio of 2.21, a quick ratio of 1.63 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $4.37 billion, a PE ratio of 9.42, a P/E/G ratio of 1.66 and a beta of 0.77. Weatherford International PLC has a 1-year low of $36.74 and a 1-year high of $111.23.

Weatherford International (NASDAQ:WFRD - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.90. Weatherford International had a return on equity of 34.87% and a net margin of 9.35%.The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.19 billion. During the same quarter last year, the firm earned $1.66 earnings per share. The firm's quarterly revenue was down 14.3% compared to the same quarter last year. On average, sell-side analysts predict that Weatherford International PLC will post 5.89 EPS for the current fiscal year.

Weatherford International Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Wednesday, August 6th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Wednesday, August 6th. Weatherford International's dividend payout ratio (DPR) is currently 15.48%.

About Weatherford International

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.