Weatherford International (NASDAQ:WFRD) Issues Quarterly Earnings Results, Beats Estimates By $0.90 EPS

Weatherford International (NASDAQ:WFRD - Get Free Report) announced its quarterly earnings results on Tuesday. The company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.90, Zacks reports. Weatherford International had a net margin of 8.79% and a return on equity of 35.88%. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the firm posted $1.66 EPS. The firm's quarterly revenue was down 14.3% on a year-over-year basis.

Weatherford International Stock Performance

NASDAQ:WFRD opened at $55.73 on Wednesday. The company has a fifty day moving average of $50.24 and a 200-day moving average of $54.72. Weatherford International has a twelve month low of $36.74 and a twelve month high of $134.39. The company has a quick ratio of 1.52, a current ratio of 2.08 and a debt-to-equity ratio of 1.16. The firm has a market capitalization of $4.04 billion, a P/E ratio of 8.92, a P/E/G ratio of 1.52 and a beta of 0.76.

Insider Transactions at Weatherford International

In other news, Director Neal P. Goldman acquired 12,000 shares of the business's stock in a transaction on Thursday, April 24th. The shares were purchased at an average cost of $42.04 per share, with a total value of $504,480.00. Following the acquisition, the director directly owned 25,311 shares of the company's stock, valued at $1,064,074.44. The trade was a 90.15% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Weatherford International

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. increased its position in shares of Weatherford International by 129.3% in the first quarter. Goldman Sachs Group Inc. now owns 143,703 shares of the company's stock worth $7,695,000 after purchasing an additional 81,046 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of Weatherford International by 223.0% during the first quarter. Royal Bank of Canada now owns 122,662 shares of the company's stock valued at $6,568,000 after purchasing an additional 84,684 shares during the period. Finally, United Services Automobile Association bought a new position in shares of Weatherford International during the first quarter valued at approximately $258,000. 97.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on WFRD. Citigroup decreased their price objective on shares of Weatherford International from $90.00 to $70.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Raymond James Financial lowered shares of Weatherford International from a "strong-buy" rating to an "outperform" rating and dropped their price target for the stock from $73.00 to $69.00 in a research report on Thursday, April 24th. Piper Sandler dropped their price objective on shares of Weatherford International from $80.00 to $62.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Finally, Barclays decreased their price target on shares of Weatherford International from $85.00 to $77.00 and set an "overweight" rating on the stock in a research note on Friday, April 25th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, Weatherford International has a consensus rating of "Moderate Buy" and an average price target of $96.63.

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.