Panagora Asset Management Inc. Lowers Holdings in Weatherford International plc (NASDAQ:WFRD)

Panagora Asset Management Inc. trimmed its position in Weatherford International plc (NASDAQ:WFRD - Free Report) by 10.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 222,669 shares of the company's stock after selling 27,289 shares during the period. Panagora Asset Management Inc. owned 0.31% of Weatherford International worth $21,784,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Huntington National Bank acquired a new position in shares of Weatherford International in the 3rd quarter worth approximately $30,000. New York State Teachers Retirement System increased its stake in Weatherford International by 14.9% during the fourth quarter. New York State Teachers Retirement System now owns 74,676 shares of the company's stock valued at $7,306,000 after purchasing an additional 9,705 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Weatherford International by 287.1% during the fourth quarter. SG Americas Securities LLC now owns 24,715 shares of the company's stock worth $2,418,000 after purchasing an additional 18,330 shares during the period. Natixis Advisors L.P. bought a new position in shares of Weatherford International in the 4th quarter worth about $1,842,000. Finally, Louisiana State Employees Retirement System acquired a new position in shares of Weatherford International in the 4th quarter valued at about $1,986,000. 97.23% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Charles M. Sledge sold 10,000 shares of the business's stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $123.47, for a total value of $1,234,700.00. Following the sale, the director now owns 32,729 shares of the company's stock, valued at approximately $4,041,049.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Girish Saligram sold 60,000 shares of Weatherford International stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $103.57, for a total value of $6,214,200.00. Following the transaction, the chief executive officer now owns 146,895 shares of the company's stock, valued at approximately $15,213,915.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles M. Sledge sold 10,000 shares of Weatherford International stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $123.47, for a total transaction of $1,234,700.00. Following the completion of the transaction, the director now directly owns 32,729 shares in the company, valued at $4,041,049.63. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.

Weatherford International Price Performance

WFRD stock traded up $0.95 during trading on Friday, hitting $123.80. The company had a trading volume of 558,270 shares, compared to its average volume of 767,715. The business has a 50 day moving average of $119.38 and a 200 day moving average of $103.92. The firm has a market capitalization of $9.06 billion, a price-to-earnings ratio of 20.03, a P/E/G ratio of 0.88 and a beta of 0.71. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 1.48. Weatherford International plc has a fifty-two week low of $55.81 and a fifty-two week high of $129.70.

Weatherford International (NASDAQ:WFRD - Get Free Report) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $1.50 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.09. Weatherford International had a net margin of 8.61% and a return on equity of 52.88%. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the business posted $0.97 EPS. The business's revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, research analysts predict that Weatherford International plc will post 6.94 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on WFRD shares. TheStreet raised shares of Weatherford International from a "c" rating to a "b" rating in a report on Monday, March 11th. Citigroup assumed coverage on Weatherford International in a report on Tuesday. They issued a "buy" rating and a $155.00 price target on the stock. Piper Sandler increased their target price on Weatherford International from $180.00 to $184.00 and gave the stock an "overweight" rating in a research report on Thursday, April 25th. Barclays raised their target price on Weatherford International from $135.00 to $160.00 and gave the company an "overweight" rating in a research note on Friday, April 26th. Finally, Benchmark restated a "buy" rating and set a $155.00 price target on shares of Weatherford International in a research report on Wednesday, April 24th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $146.11.

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.