Weatherford International (NASDAQ:WFRD) Shares Down 7.3% - Here's What Happened

Weatherford International PLC (NASDAQ:WFRD - Get Free Report)'s stock price traded down 7.3% during mid-day trading on Monday . The company traded as low as $47.58 and last traded at $47.33. 510,362 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 1,193,627 shares. The stock had previously closed at $51.04.

Analysts Set New Price Targets

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

Weatherford International Trading Up 4.9%

The company has a 50 day moving average of $46.86 and a two-hundred day moving average of $56.87. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.52 and a current ratio of 2.08. The stock has a market capitalization of $3.64 billion, a PE ratio of 8.02, a P/E/G ratio of 1.35 and a beta of 0.73.

Weatherford International (NASDAQ:WFRD - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.14. Weatherford International had a return on equity of 35.88% and a net margin of 8.79%. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.21 billion. Sell-side analysts predict that Weatherford International PLC will post 5.89 EPS for the current year.

Weatherford International Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Tuesday, May 6th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, May 6th. This represents a $1.00 annualized dividend and a yield of 2.00%. Weatherford International's dividend payout ratio (DPR) is 16.00%.

Insider Buying and Selling

In other Weatherford International news, Director Neal P. Goldman bought 12,000 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The shares were purchased at an average cost of $42.04 per share, for a total transaction of $504,480.00. Following the purchase, the director now directly owns 25,311 shares in the company, valued at $1,064,074.44. This represents a 90.15% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.09% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its stake in Weatherford International by 18.0% during the 4th quarter. Bank of New York Mellon Corp now owns 719,192 shares of the company's stock valued at $51,516,000 after purchasing an additional 109,783 shares during the last quarter. New York Life Investment Management LLC purchased a new stake in Weatherford International during the 4th quarter valued at about $546,000. Norden Group LLC grew its stake in Weatherford International by 33.4% during the 4th quarter. Norden Group LLC now owns 6,206 shares of the company's stock valued at $445,000 after purchasing an additional 1,553 shares during the last quarter. Keybank National Association OH grew its stake in Weatherford International by 45.8% during the 4th quarter. Keybank National Association OH now owns 8,884 shares of the company's stock valued at $636,000 after purchasing an additional 2,790 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in Weatherford International by 132.1% during the 4th quarter. Victory Capital Management Inc. now owns 728,266 shares of the company's stock valued at $52,166,000 after purchasing an additional 414,528 shares during the last quarter. 97.23% of the stock is currently owned by hedge funds and other institutional investors.

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.