Weatherford International (NASDAQ:WFRD) Rating Increased to Hold at Zacks Research

Key Points

• Weatherford International has been upgraded from a "strong sell" to a "hold" rating by Zacks Research, indicating a more favorable outlook for the stock.
• Analysts have varying price targets for Weatherford, with Citigroup lowering its target to $70 while Melius issued a "buy" rating with a target of $108.
• The company's recent earnings report showed an EPS of $1.87, which exceeded expectations and marked a 14.3% decline in revenue year-over-year.

Weatherford International (NASDAQ:WFRD - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

Several other equities analysts have also weighed in on the stock. Citigroup reduced their price objective 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. Barclays cut their target price on shares of Weatherford International from $77.00 to $73.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Melius began coverage on shares of Weatherford International in a research report on Wednesday, August 20th. They issued a "buy" rating and a $108.00 price target on the stock. Melius Research initiated coverage on Weatherford International in a research report on Wednesday, August 20th. They set a "buy" rating and a $108.00 price objective for the company. Finally, Piper Sandler raised Weatherford International from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $62.00 to $73.00 in a research note on Monday, July 28th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $99.70.

Weatherford International Stock Performance

Shares of WFRD stock opened at $61.56 on Monday. The company has a market cap of $4.42 billion, a P/E ratio of 9.53, a PEG ratio of 1.79 and a beta of 0.77. The business has a 50 day moving average of $55.09 and a two-hundred day moving average of $52.50. The company has a quick ratio of 1.63, a current ratio of 2.21 and a debt-to-equity ratio of 1.03. Weatherford International has a 52 week low of $36.74 and a 52 week high of $108.43.

Weatherford International (NASDAQ:WFRD - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The company reported $1.87 EPS for the quarter, topping the consensus estimate of $0.97 by $0.90. The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.19 billion. Weatherford International had a net margin of 9.35% and a return on equity of 34.87%. Weatherford International's quarterly revenue was down 14.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.66 EPS. As a group, analysts anticipate that Weatherford International will post 5.89 EPS for the current year.

Hedge Funds Weigh In On Weatherford International

Several hedge funds have recently bought and sold shares of WFRD. Vanguard Group Inc. grew its stake in Weatherford International by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 8,050,495 shares of the company's stock valued at $431,104,000 after buying an additional 347,584 shares during the last quarter. Holocene Advisors LP grew its position in shares of Weatherford International by 712.8% in the second quarter. Holocene Advisors LP now owns 1,646,034 shares of the company's stock valued at $82,812,000 after purchasing an additional 1,443,512 shares during the last quarter. Invesco Ltd. grew its position in shares of Weatherford International by 2.0% in the first quarter. Invesco Ltd. now owns 1,485,746 shares of the company's stock valued at $79,562,000 after purchasing an additional 29,840 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in shares of Weatherford International by 13.1% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,474,131 shares of the company's stock worth $78,940,000 after purchasing an additional 171,124 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Weatherford International by 67.1% during the 1st quarter. Bank of New York Mellon Corp now owns 1,201,544 shares of the company's stock worth $64,343,000 after purchasing an additional 482,352 shares during the last quarter. 97.23% of the stock is owned by institutional investors and hedge funds.

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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