Weatherford International PLC $WFRD Stake Raised by Atlantic Investment Management Inc.

Key Points

• Atlantic Investment Management Inc. increased its stake in Weatherford International PLC by 30.7%, now holding 572,809 shares, marking it as their 2nd largest position.
• The stock received several analyst upgrades, with Piper Sandler raising its rating to "overweight" and setting a new target price of $73.00, while Melius set a target price of $108.00.
• Weatherford recently declared a quarterly dividend of $0.25 per share, which is expected to yield about 1.5% annually, with a payout ratio of 15.48%.

Atlantic Investment Management Inc. boosted its stake in shares of Weatherford International PLC (NASDAQ:WFRD - Free Report) by 30.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 572,809 shares of the company's stock after acquiring an additional 134,700 shares during the quarter. Weatherford International comprises about 17.1% of Atlantic Investment Management Inc.'s investment portfolio, making the stock its 2nd biggest position. Atlantic Investment Management Inc. owned 0.79% of Weatherford International worth $30,674,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp raised its holdings in shares of Weatherford International by 546.7% in the first quarter. Fifth Third Bancorp now owns 595 shares of the company's stock worth $32,000 after buying an additional 503 shares during the period. Brooklyn Investment Group raised its holdings in shares of Weatherford International by 30,600.0% in the first quarter. Brooklyn Investment Group now owns 614 shares of the company's stock worth $33,000 after buying an additional 612 shares during the period. GAMMA Investing LLC raised its holdings in shares of Weatherford International by 55.8% in the first quarter. GAMMA Investing LLC now owns 645 shares of the company's stock worth $35,000 after buying an additional 231 shares during the period. Mattson Financial Services LLC purchased a new stake in shares of Weatherford International in the fourth quarter worth approximately $73,000. Finally, Quarry LP raised its holdings in shares of Weatherford International by 188.6% in the first quarter. Quarry LP now owns 1,036 shares of the company's stock worth $55,000 after buying an additional 677 shares during the period. 97.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WFRD has been the topic of several recent analyst reports. Piper Sandler upgraded Weatherford International from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $62.00 to $73.00 in a report on Monday, July 28th. Melius started coverage on Weatherford International in a report on Wednesday, August 20th. They issued a "buy" rating and a $108.00 price target on the stock. Barclays reduced their price objective on Weatherford International from $77.00 to $73.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Citigroup reduced their price objective on Weatherford International from $90.00 to $70.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Finally, Melius Research started coverage on Weatherford International in a report on Wednesday, August 20th. They set a "buy" rating and a $108.00 price objective on the stock. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Weatherford International has an average rating of "Moderate Buy" and a consensus target price of $99.70.

Weatherford International Trading Up 1.7%

WFRD opened at $64.80 on Wednesday. Weatherford International PLC has a 52 week low of $36.74 and a 52 week high of $101.96. The stock's fifty day moving average is $56.51 and its two-hundred day moving average is $52.31. The company has a market capitalization of $4.65 billion, a P/E ratio of 10.03, a PEG ratio of 1.84 and a beta of 0.78. The company has a quick ratio of 1.63, a current ratio of 2.21 and a debt-to-equity ratio of 1.03.

Weatherford International (NASDAQ:WFRD - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The company reported $1.87 earnings per share (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 business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the business posted $1.66 EPS. The business's revenue was down 14.3% compared to the same quarter last year. Analysts forecast that Weatherford International PLC will post 5.89 earnings per share for the current year.

Weatherford International Announces Dividend

The business 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 $0.25 dividend. The ex-dividend date is Wednesday, August 6th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.5%. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.