Weatherford International (NASDAQ:WFRD) Coverage Initiated at BMO Capital Markets

Key Points

• BMO Capital Markets has initiated coverage on Weatherford International (NASDAQ:WFRD), assigning an "outperform" rating with a price target of $82.00, suggesting a potential upside of 27.43%.
• The company has seen a mix of rating updates from other analysts, with ten analysts giving a "Buy" rating and an average price target of $98.09 from various research reports.
• Weatherford International reported $1.87 EPS in its latest quarterly earnings, significantly exceeding analysts' expectations, despite a 14.3% year-over-year decline in revenue.

BMO Capital Markets assumed coverage on shares of Weatherford International (NASDAQ:WFRD - Get Free Report) in a research note issued to investors on Friday,Benzinga reports. The firm set an "outperform" rating and a $82.00 price target on the stock. BMO Capital Markets' target price indicates a potential upside of 27.43% from the company's current price.

A number of other equities research analysts have also recently commented on WFRD. Zacks Research raised shares of Weatherford International from a "strong sell" rating to a "hold" rating in a research note on Monday, August 25th. Raymond James Financial reiterated an "outperform" rating and set a $70.00 price objective (up from $69.00) on shares of Weatherford International in a report on Thursday, July 24th. Melius Research assumed coverage on shares of Weatherford International in a report on Wednesday, August 20th. They issued a "buy" rating and a $108.00 price target on the stock. Piper Sandler upgraded shares of Weatherford International from a "neutral" rating to an "overweight" rating and raised their price target for the company from $62.00 to $73.00 in a report on Monday, July 28th. Finally, Barclays lowered their price objective on shares of Weatherford International from $77.00 to $73.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $98.09.

Weatherford International Stock Performance

Shares of WFRD opened at $64.35 on Friday. The stock has a market capitalization of $4.62 billion, a P/E ratio of 9.96, a P/E/G ratio of 1.78 and a beta of 0.79. Weatherford International has a 1 year low of $36.74 and a 1 year high of $95.58. The company's fifty day moving average is $61.99 and its two-hundred day moving average is $53.54. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.63 and a current ratio of 2.21.

Weatherford International (NASDAQ:WFRD - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $0.97 by $0.90. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.19 billion. Weatherford International had a net margin of 9.35% and a return on equity of 34.87%. The firm's revenue was down 14.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.66 earnings per share. On average, sell-side analysts predict that Weatherford International will post 5.89 earnings per share for the current year.

Hedge Funds Weigh In On Weatherford International

Hedge funds have recently added to or reduced their stakes in the business. Elevation Point Wealth Partners LLC acquired a new position in Weatherford International in the second quarter worth $27,000. EverSource Wealth Advisors LLC boosted its holdings in Weatherford International by 83.5% in the second quarter. EverSource Wealth Advisors LLC now owns 556 shares of the company's stock worth $28,000 after purchasing an additional 253 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Weatherford International by 69.8% in the second quarter. Smartleaf Asset Management LLC now owns 584 shares of the company's stock worth $29,000 after purchasing an additional 240 shares during the period. American National Bank & Trust boosted its holdings in shares of Weatherford International by 2,392.0% during the second quarter. American National Bank & Trust now owns 623 shares of the company's stock valued at $31,000 after acquiring an additional 598 shares during the period. Finally, Fifth Third Bancorp boosted its holdings in shares of Weatherford International by 546.7% during the first quarter. Fifth Third Bancorp now owns 595 shares of the company's stock valued at $32,000 after acquiring an additional 503 shares during the period. Institutional investors and hedge funds own 97.23% of the company's stock.

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.

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.