Renaissance Technologies LLC Sells 174,300 Shares of Weatherford International PLC $WFRD

Key Points

• Renaissance Technologies cut its Weatherford International stake by 72.5%, selling 174,300 shares and retaining 65,953 shares valued at approximately $6.24 million. Institutional investors collectively own 97.23% of WFRD.
• Weatherford reported quarterly EPS of $0.55, below the $0.90 consensus estimate, while revenue of $1.10 billion exceeded expectations but fell 8.2% year over year.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a consensus price target of $113.56, despite several recent target and rating cuts. The company also announced a quarterly dividend of $0.275 per share.

Renaissance Technologies LLC reduced its holdings in Weatherford International PLC (NASDAQ:WFRD - Free Report) by 72.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 65,953 shares of the company's stock after selling 174,300 shares during the period. Renaissance Technologies LLC owned 0.09% of Weatherford International worth $6,238,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in WFRD. Smartleaf Asset Management LLC increased its holdings in Weatherford International by 127.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 318 shares of the company's stock worth $25,000 after buying an additional 178 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Weatherford International in the 4th quarter valued at about $26,000. Leonteq Securities AG bought a new position in shares of Weatherford International during the fourth quarter worth approximately $39,000. EverSource Wealth Advisors LLC increased its position in Weatherford International by 83.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 556 shares of the company's stock worth $28,000 after buying an additional 253 shares during the period. Finally, Summit Securities Group LLC bought a new position in Weatherford International during the first quarter worth about $53,000. Institutional investors and hedge funds own 97.23% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Barclays lowered their price objective on Weatherford International from $154.00 to $151.00 and set an "overweight" rating on the stock in a research note on Friday, July 24th. Citigroup reduced their price target on shares of Weatherford International from $137.00 to $115.00 and set a "buy" rating on the stock in a research report on Friday, June 26th. Raymond James Financial decreased their price target on Weatherford International from $125.00 to $122.00 and set an "outperform" rating on the stock in a research note on Friday, July 10th. Wall Street Zen lowered shares of Weatherford International from a "buy" rating to a "hold" rating in a report on Saturday, July 4th. Finally, Zacks Research cut Weatherford International from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 14th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $113.56.

Weatherford International Stock Performance

WFRD stock opened at $89.42 on Wednesday. The firm has a market cap of $6.41 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 1.48 and a beta of 0.87. The stock has a 50-day moving average price of $89.93 and a 200-day moving average price of $95.80. The company has a current ratio of 2.34, a quick ratio of 1.77 and a debt-to-equity ratio of 0.81. Weatherford International PLC has a 1-year low of $52.70 and a 1-year high of $113.15.

Weatherford International (NASDAQ:WFRD - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.35). Weatherford International had a net margin of 7.66% and a return on equity of 21.50%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same period last year, the firm posted $1.87 earnings per share. Weatherford International's quarterly revenue was down 8.2% compared to the same quarter last year. As a group, equities research analysts expect that Weatherford International PLC will post 5.35 earnings per share for the current year.

Weatherford International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 6th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, August 6th. Weatherford International's payout ratio is presently 21.70%.

Insider Buying and Selling

In other news, Director Benjamin Duster sold 6,000 shares of the company's stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $86.09, for a total transaction of $516,540.00. Following the transaction, the director directly owned 11,187 shares of the company's stock, valued at $963,088.83. This represents a 34.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Neal P. Goldman sold 16,000 shares of the company's stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $84.84, for a total transaction of $1,357,440.00. Following the transaction, the director owned 12,187 shares in the company, valued at approximately $1,033,945.08. The trade was a 56.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.08% of the stock is owned by corporate insiders.

Weatherford International Company 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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