HITE Hedge Asset Management LLC Buys Shares of 185,131 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 acquired a new stake in Weatherford International PLC (NASDAQ:WFRD - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 185,131 shares of the company's stock, valued at approximately $9,914,000. HITE Hedge Asset Management LLC owned 0.26% of Weatherford International at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in WFRD. Fifth Third Bancorp lifted its stake in Weatherford International by 546.7% during the 1st quarter. Fifth Third Bancorp now owns 595 shares of the company's stock worth $32,000 after acquiring an additional 503 shares in the last quarter. Brooklyn Investment Group increased its holdings in Weatherford International by 30,600.0% in the first quarter. Brooklyn Investment Group now owns 614 shares of the company's stock valued at $33,000 after buying an additional 612 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Weatherford International by 55.8% during the 1st quarter. GAMMA Investing LLC now owns 645 shares of the company's stock worth $35,000 after acquiring an additional 231 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Weatherford International by 1,002.0% in the 1st quarter. Signaturefd LLC now owns 1,091 shares of the company's stock valued at $58,000 after purchasing an additional 992 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Weatherford International in the first quarter valued at approximately $62,000. 97.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on WFRD. Citigroup dropped their price target on shares of Weatherford International from $90.00 to $70.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Barclays reduced their target price on Weatherford International from $77.00 to $73.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Raymond James Financial reiterated 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. Finally, Piper Sandler raised shares of Weatherford International from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $62.00 to $73.00 in a research report on Monday, July 28th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $97.63.

Weatherford International Price Performance

Shares of WFRD stock opened at $55.29 on Monday. The firm has a fifty day moving average of $54.11 and a two-hundred day moving average of $52.72. Weatherford International PLC has a 1-year low of $36.74 and a 1-year high of $111.23. The firm has a market cap of $3.97 billion, a P/E ratio of 8.56, a P/E/G ratio of 1.60 and a beta of 0.77. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.21 and a quick ratio of 1.63.

Weatherford International (NASDAQ:WFRD - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The company reported $1.87 EPS for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $1.19 billion. During the same period in the previous year, the firm posted $1.66 earnings per share. Weatherford International's quarterly revenue was down 14.3% compared to the same quarter last year. As a group, research analysts anticipate that Weatherford International PLC will post 5.89 earnings per share for the current fiscal year.

Weatherford International Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Wednesday, August 6th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Wednesday, August 6th. Weatherford International's dividend payout ratio (DPR) is 15.48%.

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.

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