Weatherford International (NASDAQ:WFRD) Coverage Initiated at Melius

Key Points

• Melius has initiated coverage of Weatherford International (NASDAQ:WFRD) with a "buy" rating and a price target of $108.00, indicating a potential upside of 91.76% from the current price.
• Weatherford International reported $1.87 EPS for the last quarter, which surpassed analyst expectations, despite a 14.3% year-over-year decline in revenue.
• The company holds a consensus rating of "Moderate Buy" from analysts, with eight giving it a "Buy" rating and an average target price of $98.78.

Stock analysts at Melius assumed coverage on shares of Weatherford International (NASDAQ:WFRD - Get Free Report) in a report released on Wednesday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $108.00 price target on the stock. Melius' price objective would suggest a potential upside of 91.76% from the stock's current price.

Other analysts have also issued research reports about the stock. Raymond James Financial reiterated an "outperform" rating and set a $70.00 price objective (up previously from $69.00) on shares of Weatherford International in a research note on Thursday, July 24th. Barclays decreased their price target 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. Piper Sandler raised shares of Weatherford International from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $62.00 to $73.00 in a research report on Monday, July 28th. Finally, Citigroup decreased their price target on shares of Weatherford International from $90.00 to $70.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $98.78.

Weatherford International Price Performance

Weatherford International stock opened at $56.32 on Wednesday. The stock has a market capitalization of $4.05 billion, a P/E ratio of 8.72, a P/E/G ratio of 1.64 and a beta of 0.77. Weatherford International has a 12-month low of $36.74 and a 12-month high of $111.23. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.21 and a quick ratio of 1.63. The firm's 50-day moving average is $54.35 and its two-hundred day moving average is $52.70.

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

Institutional Investors Weigh In On Weatherford International

Hedge funds and other institutional investors have recently bought and sold shares of the business. Elevation Point Wealth Partners LLC purchased a new position in Weatherford International in the 2nd quarter worth about $27,000. EverSource Wealth Advisors LLC increased its stake in Weatherford International by 83.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 556 shares of the company's stock worth $28,000 after purchasing an additional 253 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in Weatherford International by 69.8% in the 2nd quarter. Smartleaf Asset Management LLC now owns 584 shares of the company's stock worth $29,000 after purchasing an additional 240 shares in the last quarter. American National Bank & Trust increased its stake in Weatherford International by 2,392.0% in the 2nd quarter. American National Bank & Trust now owns 623 shares of the company's stock worth $31,000 after purchasing an additional 598 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake in Weatherford International by 546.7% in the 1st quarter. Fifth Third Bancorp now owns 595 shares of the company's stock worth $32,000 after purchasing an additional 503 shares in the last quarter. 97.23% of the stock is currently owned by institutional investors.

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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