Short Interest in Weatherford International PLC (NASDAQ:WFRD) Rises By 100.6%

Key Points

• Short interest in Weatherford International PLC (WFRD) rose by 100.6% in July, with 3,090,000 shares sold short as of July 15th.
• The company reported $1.87 earnings per share (EPS) for the quarter, exceeding analysts' expectations, while revenue was $1.20 billion.
• Weatherford announced a quarterly dividend of $0.25, with an annualized yield of 1.8% and a low dividend payout ratio of 15.48%.

Weatherford International PLC (NASDAQ:WFRD - Get Free Report) saw a significant increase in short interest during the month of July. As of July 15th, there was short interest totaling 3,090,000 shares, anincreaseof100.6% from the June 30th total of 1,540,000 shares. Currently,4.4% of the company's shares are sold short. Based on an average trading volume of 1,320,000 shares, the days-to-cover ratio is presently 2.3 days. Based on an average trading volume of 1,320,000 shares, the days-to-cover ratio is presently 2.3 days. Currently,4.4% of the company's shares are sold short.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of WFRD. Capital Research Global Investors boosted its holdings in Weatherford International by 295.9% in the fourth quarter. Capital Research Global Investors now owns 5,945,755 shares of the company's stock valued at $425,894,000 after purchasing an additional 4,443,823 shares during the period. Invesco Ltd. purchased a new position in Weatherford International in the fourth quarter valued at $104,287,000. Millennium Management LLC boosted its holdings in Weatherford International by 429.2% in the first quarter. Millennium Management LLC now owns 1,103,067 shares of the company's stock valued at $59,069,000 after purchasing an additional 894,636 shares during the period. Fuller & Thaler Asset Management Inc. boosted its holdings in Weatherford International by 181.7% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,303,007 shares of the company's stock valued at $93,334,000 after purchasing an additional 840,456 shares during the period. Finally, Encompass Capital Advisors LLC purchased a new position in Weatherford International in the first quarter valued at $27,355,000. 97.23% of the stock is currently owned by hedge funds and other institutional investors.

Weatherford International Trading Up 2.0%

Shares of NASDAQ WFRD opened at $55.85 on Tuesday. Weatherford International has a twelve month low of $36.74 and a twelve month high of $111.23. The company has a current ratio of 2.21, a quick ratio of 1.63 and a debt-to-equity ratio of 1.03. The stock has a fifty day simple moving average of $52.30 and a 200-day simple moving average of $53.56. The stock has a market capitalization of $4.01 billion, a PE ratio of 8.65, a PEG ratio of 1.58 and a beta of 0.77.

Weatherford International (NASDAQ:WFRD - Get Free Report) last released its 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. The firm 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%. Weatherford International's revenue was down 14.3% compared to the same quarter last year. During the same period last year, the business posted $1.66 earnings per share. On average, equities analysts forecast that Weatherford International will post 5.89 earnings per share for the current year.

Weatherford International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors 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 yield of 1.8%. Weatherford International's dividend payout ratio (DPR) is 15.48%.

Wall Street Analyst Weigh In

WFRD has been the subject of several recent analyst reports. Barclays cut their target price on Weatherford International from $77.00 to $73.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Raymond James Financial reissued an "outperform" rating and set a $70.00 target price (up previously from $69.00) on shares of Weatherford International in a research note on Thursday, July 24th. Citigroup dropped their price objective on Weatherford International from $90.00 to $70.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Finally, Piper Sandler raised Weatherford International from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $62.00 to $73.00 in a research note on Monday, July 28th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.63.

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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