Voya Investment Management LLC Sells 155,129 Shares of Weatherford International PLC $WFRD

Key Points

• Voya Investment Management LLC has reduced its stake in Weatherford International by 71.2%, selling 155,129 shares, leaving it with ownership of approximately 62,754 shares valued at $3.36 million.
• Several institutional investors, including Millennium Management LLC and Vanguard Group Inc., have significantly increased their holdings in Weatherford International during the same period.
• Weatherford International reported a quarterly EPS of $1.87, surpassing analysts' estimates, though its revenue is down by 14.3% compared to last year.

Voya Investment Management LLC trimmed its stake in shares of Weatherford International PLC (NASDAQ:WFRD - Free Report) by 71.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,754 shares of the company's stock after selling 155,129 shares during the quarter. Voya Investment Management LLC owned approximately 0.09% of Weatherford International worth $3,360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of WFRD. Millennium Management LLC grew its position in Weatherford International by 429.2% during the 1st quarter. Millennium Management LLC now owns 1,103,067 shares of the company's stock worth $59,069,000 after acquiring an additional 894,636 shares during the last quarter. Encompass Capital Advisors LLC bought a new position in Weatherford International during the 1st quarter worth approximately $27,355,000. Bank of New York Mellon Corp grew its position in Weatherford International by 67.1% during the 1st quarter. Bank of New York Mellon Corp now owns 1,201,544 shares of the company's stock worth $64,343,000 after acquiring an additional 482,352 shares during the last quarter. Vanguard Group Inc. grew its position in Weatherford International by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 8,050,495 shares of the company's stock worth $431,104,000 after acquiring an additional 347,584 shares during the last quarter. Finally, Fiera Capital Corp grew its position in Weatherford International by 1,465.4% during the 1st quarter. Fiera Capital Corp now owns 352,740 shares of the company's stock worth $18,889,000 after acquiring an additional 330,206 shares during the last quarter. 97.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WFRD. Piper Sandler upgraded Weatherford International from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $62.00 to $73.00 in a research report on Monday, July 28th. Raymond James Financial reiterated an "outperform" rating and issued a $70.00 price objective (up from $69.00) on shares of Weatherford International in a research report on Thursday, July 24th. Zacks Research upgraded Weatherford International from a "strong sell" rating to a "hold" rating in a research report on Monday, August 25th. Melius began coverage on Weatherford International in a research report on Wednesday, August 20th. They issued a "buy" rating and a $108.00 price objective on the stock. Finally, Melius Research began coverage on Weatherford International in a research report on Wednesday, August 20th. They issued a "buy" rating and a $108.00 price objective on the stock. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $99.70.

Weatherford International Stock Down 2.7%

Weatherford International stock opened at $63.73 on Friday. The firm has a market cap of $4.58 billion, a price-to-earnings ratio of 9.87, a PEG ratio of 1.79 and a beta of 0.78. The stock has a fifty day simple moving average of $58.96 and a two-hundred day simple moving average of $52.25. Weatherford International PLC has a 12 month low of $36.74 and a 12 month high of $98.21. The company has a current ratio of 2.21, a quick ratio of 1.63 and a debt-to-equity ratio of 1.03.

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

Weatherford International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Wednesday, August 6th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, August 6th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.6%. Weatherford International's dividend payout ratio (DPR) is presently 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.

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