Massachusetts Financial Services Co. MA Purchases 18,224 Shares of Weatherford International PLC $WFRD

Key Points

• Massachusetts Financial Services increased its stake in Weatherford by 34% in Q4, buying 18,224 shares to own 71,747 shares (about 0.10% of the company) valued at $5.615 million.
• Weatherford beat expectations with Q results of $1.91 EPS vs. $1.42 expected and $1.29B revenue vs. $1.26B expected, and the company raised its quarterly dividend to $0.275 ($1.10 annual; 1.1% yield).
• Insider activity: CEO Girish Saligram sold 100,000 shares at an average $105.50 for $10.55 million; institutional investors still own roughly 97.23% of the stock while insiders hold about 2.09%.

Massachusetts Financial Services Co. MA increased its position in Weatherford International PLC (NASDAQ:WFRD - Free Report) by 34.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 71,747 shares of the company's stock after buying an additional 18,224 shares during the period. Massachusetts Financial Services Co. MA owned about 0.10% of Weatherford International worth $5,615,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its holdings in Weatherford International by 3.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 4,662 shares of the company's stock worth $319,000 after buying an additional 167 shares during the period. Arizona State Retirement System boosted its holdings in Weatherford International by 0.9% in the 3rd quarter. Arizona State Retirement System now owns 21,431 shares of the company's stock worth $1,467,000 after buying an additional 190 shares during the period. Treasurer of the State of North Carolina boosted its holdings in Weatherford International by 0.7% in the 2nd quarter. Treasurer of the State of North Carolina now owns 33,245 shares of the company's stock worth $1,673,000 after buying an additional 225 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Weatherford International by 69.8% in the 2nd quarter. Smartleaf Asset Management LLC now owns 584 shares of the company's stock worth $29,000 after buying an additional 240 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Weatherford International by 83.5% during 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 last quarter. Institutional investors own 97.23% of the company's stock.

Weatherford International Stock Down 0.5%

Shares of NASDAQ WFRD opened at $99.26 on Friday. The firm's 50-day moving average price is $97.47 and its 200-day moving average price is $84.19. The company has a current ratio of 2.19, a quick ratio of 1.65 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $7.12 billion, a price-to-earnings ratio of 16.74, a P/E/G ratio of 1.23 and a beta of 0.83. Weatherford International PLC has a 12-month low of $40.12 and a 12-month high of $110.57.

Weatherford International (NASDAQ:WFRD - Get Free Report) last announced its earnings results on Tuesday, February 3rd. The company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.49. The firm had revenue of $1.29 billion for the quarter, compared to analysts' expectations of $1.26 billion. Weatherford International had a net margin of 8.76% and a return on equity of 28.07%. The business's revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.50 EPS. On average, equities research analysts anticipate that Weatherford International PLC will post 5.89 EPS for the current fiscal year.

Weatherford International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 6th were given a dividend of $0.275 per share. The ex-dividend date was Friday, February 6th. This represents a $1.10 annualized dividend and a dividend yield of 1.1%. This is a positive change from Weatherford International's previous quarterly dividend of $0.25. Weatherford International's dividend payout ratio is currently 18.55%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Zacks Research downgraded shares of Weatherford International from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Piper Sandler increased their price objective on shares of Weatherford International from $110.00 to $115.00 and gave the company an "overweight" rating in a report on Wednesday. Royal Bank Of Canada assumed coverage on shares of Weatherford International in a report on Wednesday, March 18th. They set an "outperform" rating and a $105.00 price objective for the company. UBS Group increased their price objective on shares of Weatherford International from $94.00 to $105.00 and gave the company a "neutral" rating in a report on Tuesday, March 31st. Finally, Barclays dropped their price objective on shares of Weatherford International from $114.00 to $111.00 and set an "overweight" rating for the company in a report on Thursday, April 9th. Seven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $102.00.

Insider Activity

In other news, CEO Girish Saligram sold 100,000 shares of the company's stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $105.50, for a total transaction of $10,550,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.09% of the company's stock.

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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